Skip to main content

is it just a bad time to buy a house?

so, i’ve (24f) been renting in a college town in Oklahoma since 2019. i received a settlement & have wanted to use part of it for a down payment on a house. i’m absolutely fed up with renting. in my current town.. rent has been increasing $100-$200/month about once a year. the 3 places i’ve rented at, i’ve constantly had issues with maintenance, bug spraying, shitty neighbors, etc. literally, where i live, rent & a mortgage cost about the same. a 3bed 2bath is about $1500/mo to rent & the current houses were looking at (3bed/2bath) run about $250-$270k, so only about $100 more/month with 20% down. i do have a realtor who says the market is steady.

but, here’s the issue we’re running into.. there’s hardly anything available for purchase in those price ranges. keep in mind, i’m in Oklahoma, where our minimum wage is still $7.25. our cost of living is quite low for the US, typically. we have endless 1.5-4million dollar homes for sale. but, i genuinely don’t know anyone in my life that could even afford that. our average salary here is only $50,000/year. we were approved for $300k & have been looking for over a month so far, but the current economy is scaring me. i’m not knowledgeable in real estate & i was too young to remember the 2008 crisis when my parents were renters. & everyone around me, except my realtor, is saying it’s a bad time to buy a house. they keep telling me to wait until the market crashes. but, we don’t know if/when that’ll happen. & renting in my area right now is bleak. too many of us need housing & there’s not enough affordable housing.

TLDR: is it better to rent or buy right now with the current economy & the direction it’s headed?

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

source https://www.reddit.com/r/RealEstate/comments/1m0ditf/is_it_just_a_bad_time_to_buy_a_house/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

warning about Biggins and Scott Brunswick

his is a general warning for people who use this agency to rent a property. I am going to share a disgusting experience that I had with the above agency. I was new to the rental experience after a marriage breakdown so I answered a add on Real Estate .com and met a guy in Maribyrnong to look over a apartment . He suggested he was not only going to be my roommate, but he also worked at the company in Brunswick. All looked good and myself and a lovely lady moved in to the apartment in late March. Everything was going well ,we were paying our rent and things were moving forward with 3 people coming from different age groups and different upbringings. Then on the 25th of June out of nowhere 3 Breach Notices appeared on my email from my roommate but on Biggins and Scotts letterhead. I was completely surprised and after trying to reason with the sender of these documents, I then decided I had to call his boss the Director of Biggin and Scott in Brunswick. David told me that he was ...
Post a Comment
Read more