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First Time SFR/Condo Buyer. Nervous to Buy. Need Advice/Guidance

Good morning.

I am a 40-year-old single adult (no children) with an established blue collar career, excellent credit and money saved for a down payment. I am eligible and pre-qualified to buy a small 1/1 to 2/1 SFR or Condo in Central California. I am currently living in a small apartment paying $1000/mo rent.

The average price of real estate around here has increased year over year and prices have not come down at all. The average priced small starter SFR currently goes for about $300k while small condo sells for about $240k. My mortgage would be about $1500 or more if I purchased now.

If bought now (or soon) I worry that I would be buying at the top end of the price curve. This would not leave much room for earning equity during the years I would live in it. I worry that in 10 years another buyer would not come behind me and buy my place for more money.

To my way of thinking, I like the idea of waiting and getting a deal with the certainty of lower prices in the future. But the future is uncertain and buying at the top of a market makes me nervous as hell especially because recession is expected soon which should put downward pressure on real estate prices.

Am I smart to hold off? If so, how long should I wait? If buying now is the smarter option, please explain why.

Thanks is advance for the responses.

submitted by /u/WilliamHenryBonney
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/123o35u/first_time_sfrcondo_buyer_nervous_to_buy_need/
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