Posted by brooktre on October 31, 2022 at 04:53:49 from (104.28.56.3):
In Reply to: Home Prices Thoughtd ? posted by whizkidkyus on October 30, 2022 at 21:59:52:
Every situation is different, but I would say wait and keep looking through the winter. Winter is traditionally the slow period for real estate. Prices are coming down slowly because sellers want the high price that people were paying a few months ago. The reality is that those high prices are gone until the market corrects and finds the bottom. Then prices will rise again. Nobody knows when the old prices will return.
As you are looking you should get prequalified for a mortgage. Usually banks will lock you in for the current rate and that will be good for a period of time (30 days - 60 days depending on the bank). That way you know more about what is affordable and how much you can spend. If the lock in period passes without you finding a home you can re-apply. Unfortunately the next time could be at a higher rate but again nobody knows.
As you look, pay off your debt. Bruce gave a good example of people living with debt (my son is the same or worse). You should only have debt for large purchases like a house or education. If you need a reliable car buy only what you can afford and if you finance pay it off as fast as you can.
For a mortgage, I would get a 30 year loan and plan to pay off in 15 years or less. Make the extra payment every month unless you get an unexpected bill like a new heating system. Do NOT be tempted to skip the extra payment for something nice that you would like to have - only for something you need.
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