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But what about me a non home owner waiting to get into the market? Why should I care if the market crashes? Why do I care if all those $1mil houses are now $750
by 14 5y ago
But what about me a non home owner waiting to get into the market? Why should I care if the market crashes? Why do I care if all those $1mil houses are now $750k? Won’t a market crash be good for those recently priced out of the market trying to get in? I assume if the market crashes it will be harder to get a mortgage in the first place but that is why I am saving a decent down payment. Thanks for your thoughts
- skuhn 5y agoIf the market declines, then it may be a good time for you to buy. Over a long enough period of time, the average house price in modern history only increases. The concerns for you in this scenario may be: 1. Has the property been poorly maintained for some time because the previous owner could not afford repairs after buying at a high price? 2. Has the property recently been poorly maintained because the owner knows it will be foreclosed on? 3. Will prices continue to drop, potentially putting you into the same situation as the current owner, or is now the right time? It's generally impossible to time the exact bottom of the market -- and what seems like the bottom may be far from it.