/biz/ - Business & Finance

>>56313768
There are active price cuts nationwide so you're likely to end up underwater on your loan in the short term. But other than that I plan to do the same.

>>56313775
The way I see it, if I buy a ~150k starter home now and make aggressive secondary payments towards the principal every couple months, 5-10 years from now I’ll at least have a home to show for it even if it drops in value 60%. That and I plan on buying a duplex to take care of my mom and siblings, so all in all it ends up as better than renting.

>>56313768
being able to afford the $8000 a month in mortgage payments.

>>56313779
You're not going to buy a $150k starter unless you're at least 100 miles away from any body of water. If that is where you live, go for it. 150k is not a large base to pay a lot of interest on. If we are talking 500k+, then it's going to be a problem with current interest rates and even the best jobs you can imagine.

>>56313768
Also... Tonight... You...

>>56313914
I’m located in NEPA, 150k is hard to find, but still possible in some areas. I’m a truck driver so being close to a city for a job isn’t as much of a concern to me as it may be to others.

>>56313768
Isn't it wild how all your realtor friends always think now is a great time to buy a home?

>>56313925
based

>>56313925
I want my name to be spaghetti.

>>56313775
In America, mortgages are non-recourse loans so banks basically take all of the risk of underwater mortgages.

If you owe more than the property is worth and get foreclosed, then the bank just gets the underwater house. In a country like Canada, you’d lose the house and still owe how much you were underwater by

>>56313768
>When rates go down
You realize inflation is going to increase 5-fold and rate increases are the only way to dampen inflation?

>>56315524
So buying a house will only get more expensive right?

>>56313775
Not really, homes are selling quicker now than any time pre-COVID.

>>56313914
Great Lakes region is full of cheap homes with a quarter of the world's fresh water. Tons of cheap coastal towns on the lakes.

>>56315626
Rent never gets cheaper.

>>56316702
That chart is rapidly (in housing terms) correcting. By 2025 it'll be normal numbers month to month. Days on market is a lagging indicator too.

>>56313779
>care of my mom and siblings,
Man I hope they have downs. You are a truck driver not rich enough to pay for other peoples shit. Are they going to pay rent?

>>56317290
Mom does doordash and shit and my other brother is a year younger than me but he’s in between jobs a lot. Other brothers are too young. I used to feel bad for myself for having to support so many others at a young age but now I just kinda take a more stoic position and rant about it on here from time to time. Brother is working on getting his cdl too though so hopefully the dynamic will change soon.

>>56313768
>rates don't come down
>home prices do
The plan is flawless OP. /biz/ always approves of buying high and selling low. You'll be wealthy in no time.