As far as I can trek if you want a house around a HCOL area you’re gonna be paying at least 20% over asking. At least that’s based on the few people I know who have bought houses over the last 2 years.
I almost have my down payment ready by in being told buying a house right now is a bad idea if I wanted a reasonable return in the future. What signs do I look for to see if it’s a good time to purchase?
It’s a good time to buy a home when you want to be a homeowner, when you can afford the home, and when you would be OK with living in the home at least 5-7 years.
Do you want a home or an investment?
If the former, it’s a good time to buy when you’re ready to buy and can afford to buy.
First pay off all outstanding debt asap before applying for a mortgage. This will allow you to obtain a favorable mortgage rate from your lender in the future and frees up more cash for your monthly budget.
Generally When supply outweighs demand but depends on your lifestyle and when you’re ready to take on the responsibility. Some peoples risk tolerance is higher than others. It’s as much as a financial decision as it is emotional. Also is the starter home? Is this something that you can start a family in and then move on? Or is this a forever. Those things play a huge role and whether or not you’re going to pursue something.
Are there slightly more opportune times to buy a home? Sure.
However, if you need housing for yourself and your family, the best time to buy a house is when you need it and can afford it.
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