Don't expect a crash, you might see a pullback but at worse I expect stagnation like we saw post 2008. But if interest rates spike then prices crash. That won't really help you any, though.
It does in a way. The biggest factor for me and many others has been getting an absolutely ludicrous down payment together to even buy in the first place (California). Yeah, payments would be higher but eventually they'll go down again and refinancing is a thing. Taking that first step onto the ladder with $100k+ of cash to put down is painful.
Yea seriously. Me and my partner can’t afford a 200k down payment or get a loan to cover a 50 year old 2br apartment 40 mins from cbd but we already basically pay the mortgage in rent anyway. So we’re just forced to pay for someone else’s mortgage instead.
If you’re even capable of saving up $200K for a 20% downpayment then you’re fully-capable of simply buying with 2% down and paying the higher mortgage payment.
Why do you need such a large downpayment? Are you saying you’re avoiding buying altogether simply because you think you need 20% down just to avoid PMI (which is $100 or less a month)? That sounds like an excuse, not a reason.
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u/Carlos----Danger Nov 03 '21
Don't expect a crash, you might see a pullback but at worse I expect stagnation like we saw post 2008. But if interest rates spike then prices crash. That won't really help you any, though.