18: Waiting in a hot market
to buy a home
If the market is super hot, should you wait to buy a house?
Buying a house during a hot market can set you up for being trapped later - you may not be able to sell to break even.
Buying a house during a hot market could kill you financially - spending no more than 35%-45% of your monthly income is advised.
But if I wait, won’t the prices keep going up?
In locales where there is increasing economic growth, that is likely. In this case, you should buy now. Determining if you are in one of these locales is hard to predict. But it looks like Austin could be one of them.
With lower interest rates, doesn’t it make sense to act fast?
If the base price of your home is very high, like in a million dollar city, the answer is yes. That’s because a lower interest rate on a larger base makes a substantial difference in overall financial liability.
Bare Bone Recipe
An excuse to eat peppercorn…
“Human beings love underdogs…they are flawed, forgotten, failed people who achieve unexpected success.” - Matthew Dicks, Storyworthy
To your health -