![]() ![]() Typically, real estate is a much slower-moving process, and you can kind of see how the numbers develop a little bit more. This is not like if you missed the opportunity this week, it’s gone next week. However, in this real estate market, where if you don’t have that urgent need, there is likely going to be a benefit to waiting to see where the data goes because there’s usually an opportunity. Like I said, stocks are V-shaped recoveries, so I think I’m going to sound a little bit like I’m talking about both sides of my mouth because I told you if you have an immediate need, meaning you have kids that are school age, you’re going to be in the property for probably seven plus years, you sometimes have to hold your nose and just make the decision because you have an urgent need. We’ll cover more information and questions to consider to help you make the decision about buying a home or waiting in the next section. Stock markets can have v-shaped recoveries, but real estate markets are different. Real estate markets behave differently than other investment or asset or equity-type markets, which is why it’s crucial to think about what a recovery for real estate looks like. ![]() If you buy a house now and its value goes down in five years, that shouldn’t be a problem if you’re using it as a primary residence. Ultimately, with any used asset, we shouldn’t care about the terminal value in the short term. Instead, we think of it as a used asset that we’re supposed to use and get utility out of. When it comes to a primary residence, we don’t think of it as an investment asset. ![]() Housing is not only financial it’s also what the family needs. However, you need to think about whether it would still be a good decision for your family even if the house’s value stays flat or even drops a little bit in the next five years. If you have school-aged children, relocating can be difficult since you don’t want to move them around to different school districts. If you’re thinking about starting a family, establishing roots, or moving into the next phase of your life, it might make sense to buy a home in 2023. One reason to consider buying a home is if you need a place to live. You need to be both analytical and look at the data when making the decision. However, this feeling is not reliable since the real estate market behaves differently than other investment or equity-type markets. One of us has bought three houses and has felt like he was overpaying every single time. Individually, we have to answer the question: should I buy a home? And if I am, is 2023 the right time to consider doing that?ĭuring one of our content meetings, we discussed the feeling of overpaying when buying a house. As we’ve already laid the foundation, prices have increased, interest rates are high, and some people are saying yes, go buy a home, while others are saying no, the crash is coming. We’ll give you the information and questions you should ask. We want to talk you through how to make the decision of whether you should buy a home or wait, now that we know these are unique times. ![]()
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