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If you are buying a home to live in, just make sure you can stick with it for 5 years at least, and you will probably be fine. And the more years the better.
by krupan 4y ago
If you are buying a home to live in, just make sure you can stick with it for 5 years at least, and you will probably be fine. And the more years the better. As someone else said, you'll be able to refinance if/when rates go down, and the value of the home will go up if the fed and IRS doesn't change things majorly.
- dragonwriter 4y ago> As someone else said, you'll be able to refinance if/when rates go down Not necessarily, especially if valuations go down, as well, and especially if the economic conditions leading to lower rates/valuation—low rates being, after all, a monetary stimulus policy—also adversely effect your own earning potential.
- linguae 4y agoUnfortunately when you’ve been priced out of housing (the pandemic and the recent rise in interest rates priced me out of anything within 2 hours from Silicon Valley), there’s not much you can do other than relocate or find a way to increase income/savings. Housing in Bay Area exurbs like Hollister and Tracy has gone up by over 30% since the pandemic started. I’m currently relying on the latter (I don’t want to move for career and personal reasons), trying to save in the face of high inflation while also trying to level up my career and one day get promotions.