Wait For Rates To Come Down Before Buying A House?

The reaction from buyers comes as mortgage rates remained at 23-year highs convincing rate-sensitive folks like me to call it quits on their home purchase plans as rates hover near 8% fueling my thoughts to focus on allocating my $1m liquidity to my stock portfolio but not so definite on additions to make.

Maybe if Congress STOPS sending money to Ukraine / Israel the inflation rate will come down and the rest will normalize....but I highly doubt it.

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$80,000 gross pay, 15 year mortgage, 1/4 of take home pay is a $150,000 house. Impossible in Salt Lake City

I'm nearing retirement and would love to relocate from Minnesota to a warmer climate, but my stock portfolio is tanking and mortgage rates are skyrocketing. My portfolio has lost nearly $100,000. What should I do to save my depleting portfolio?

SLC housing market is grossly over inflated. Good luck man, but you're about to be so screwed

I ran the numbers on this callers mortgage payments. 25% of take home, 180 months he can only buy a house of $190,000 with an income of $80,000. That ain’t gonna happen.

Terrible terrible terrible advice.

He will be able to afford a house bt 180-200k.

Dave is out of his mind. There’s almost no buyers on the market. If you buy a house that’s 400k expect your payment to be close to 4k after escrow, taxes, and if you didn’t pay 20% expect pmi. He’s out of his mind.

If your looking to buy a home or sell a home in LA area hit me up

I moved my wife duing both her pregnancies. I wish I had heeded Dave’s advice 10 years ago.

Rates will level off and stay for 5-8 years.

I closed on a house the day before going into labor with my 3rd child. It was crazy and hard but I survived because I had a great support system. My MIL and SIL moved me in.

70 s and 80 s you rented and saved for a home. Today you rent and cant afford the apt sad .

Dave has no idea what he’s talking about

If you think SLC, UT is expensive now, just wait. There seems to be much more in the way of tailwinds on upward home price movement than headwinds pushing it down. Geographically limited expansion with mountain ranges surrounding the valley, high net in-migration, high household formations, abundance of recreation (especially for skiing/winter sports), low unemployment, low-ish property taxes, and a housing shortage that is getting worse according to the latest from the Kem C. Gardner institute at the University of Utah (among others). Supply and demand, and who knows what will happen in the next 12-24 months. If prices continue increasing in SLC during the next 6-12 months then I will likely sell my house and move out of the valley. Salt Lake City has a lot going for it, but personally I feel it is way overcrowded for me as an introvert! If only the county would allow more ADU's and small houses, not everyone wants or needs a mcmansion and that is all they are building here aside from luxury apartments.

home prices will be higher as he says. I suggest trying to build something if you're betting on rates being lower in 8-12 months. You lock in the home price at today's market and hope the rates go down. When rates go down there's going to be chaos again and you will be bidding with every other buyer who sat on the sidelines. Rates SHOULD start being reduced January-February. Alos of builders will pay your closing costs as well.

PITI - principle, interest, taxes and insurance. You can either pay your own and live in your own home or pay the landlords, and abide by his/her rules, including a rental payments that are likely to continue to rise.

hell no not a good time