Home Buying question for first timer...

[CB_TxNole]

I've been in an apartment for a while, and think its finally time I buy a house. My lease is up in January. Although I like living close to all of the action I know I will have to move a little outside of the loop (Houston) to afford what I want.

My question and I am looking for real advice on this...

Should I buy now in the next couple of months, or lease again and Hope housing prices go down?
I know its a sellers market right now and the interest rates are going back up.

I don't want to buy a house, way over pay, and have it be worth 80k less in 2 years. Really torn, and I know this is a Huge decision. Also if it matters I am a single guy with no kids.

Thanks for any advice, it's truly appreciated.

[HighwayHunter]

Price will depend on location. I bought my first home in 2018 (still in it) near the woodlands and got a decent price. It’s worth about 70-80k more than I bought it for right now, and I would not pay that much if I was in the market right now. I’d wait if I was you.


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[warrington]

I would personally rent one more year. Enjoy living next to all the things to do. Not much for a single guy to do in the burbs. Just my opinion

[jaspermac]

How much is your rent? Do you feel like you are overpaying or will they raise it in January?

If I were single, I would be looking for small tract of land for a shop with RV hookups right now to ride it out

[Hogmauler]

Only one person can predict the future. I think I might rent another year as well, possibly in the area your considering living in. Things are gonna get tough young man. Stay mobile and don’t be tied to a house note. My .02.

[Big pig]

Only one person can predict the future. I think I might rent another year as well, possibly in the area your considering living in. Things are gonna get tough young man. Stay mobile and don’t be tied to a house note. My .02.

+1

Consider a roommate to cut expenses. I did that for yrs since I was gone most weekends out of town

FWIW. “All the action” inside the loop is the reason I moved to the “Heart of Texas”.

[Walker]

You gotta jump in sometime. Home prices are at a premium but interest rates are super low. I look for interest rates to go up before home prices come down. Choose your poison.

[Dale Moser]

Owning a house aint what I'd want if I was a young single dude. I'm glad I own mine, but I'm an old, fat, married, guy now. Taxes, repairs, insurance, maintenance, upkeep....it aint all it's cracked up to be.

I'd keep renting, and put away money.

[Youngblood]

How much is your rent? Do you feel like you are overpaying or will they raise it in January?

If I were single, I would be looking for small tract of land for a shop with RV hookups right now to ride it out

This right here! Great advice.


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[Death from Above]

Owning a house aint what I'd want if I was a young single dude. I'm glad I own mine, but I'm an old, fat, married, guy now. Taxes, repairs, insurance, maintenance, upkeep....it aint all it's cracked up to be.

I'd keep renting, and put away money.

Im here.

Bought my 1st home at 21. With a family it is great. Single, rent and remain flexible. Stack that money up for the housing bust.

[Throwin Darts]

Home Buying question for first timer...

Home prices could go down and interest rates up and you might still end up paying more.

That being said if you’re single with no kids don’t do it. Live it up while you can. You have the rest of your life to own a house.

People say “you’re throwing your money away on rent”. These are the same folks paying interest and property taxes. Interest is just “rent” on the bank’s money.

[jdg13]

Depending on your financial situation, and if you can find something you like that fits within that situation, I'd still buy today. Every year I waited, prices went up, at some point if you really want a home, you have to bite the bullet. Not dealing with loud neighbors, not having to live in a cramped apartment, and having privacy has been great for the last couple of years since I bought mine. Good luck!

[OldRiverRat]

Continue to rent until at least November 2022, then you will have an idea of what the market may do


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[TxBowHntr]

How much is your rent? Do you feel like you are overpaying or will they raise it in January?

If I were single, I would be looking for small tract of land for a shop with RV hookups right now to ride it out

This 100%. Spend the $ on the land. Drop a RV or single wide on there and keep your life simple. Plus, you'll have land to build on later, or sell, or many other options.

[manwitaplan]

I would personally rent one more year. Enjoy living next to all the things to do. Not much for a single guy to do in the burbs. Just my opinion

Agree


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