Buy real estate now???
I sold my home last year and live in an apartment. Is this a good time to take half of the sale proceeds to buy (no mortgage) a condo (build equity) or just continue to pay rent (no ROI) and wait for the markets to stabilize?
Terry Says
I don’t see any reason to jump into real estate now –unless you find a real bargain, which could happen. Cities and states are gong to be loaded up with costs associated with this pandemic, so you can count on real estate taxes going up in many places. And if this leaves an indelible mark on people’s confidence, then you might not find a buyer so easily when it comes time to sell.
Of course, the ultimate decision revolves around your own lifestyle, needs and plans. Mortgage rates are pretty low, and may not go any lower unless this situation lasts a long time. The mortgage market is pretty unsettled now — and although you may pay cash, any future buyer is likely to need a mortgage (and a job, and good credit history).
So, if you’re asking me if this is a time to buy bargains, I’d have to say we haven’t come to that point yet. But if you get a good price on the house of your dreams, by all means go ahead.
