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Should i buy soon?

I’m a 27 year old looking to buy my first home soon. By soon i really don’t know how soon, but to give a range id say the next 3-9 months. I currently have about 50k in savings. I’m looking for a home in the 375k to 450k area and i make gross minimum 120k in CA. I have no debt besides my car, which i plan to refinance to lower my debt/income ratio ( id still be paying extra towards the car). Given what I’ve seen and what i have, I’m sure i can qualify for a mortgage and my payment would likely sit between 2750 and 3250. I know i can afford the house, i just worry if I’m jumping the gun too soon and will end up house poor. Having that big of a mortgage payment would easily be 40-55% of my net income alone. I still need to account for utilities, gas, car insurance, car note, groceries, etc. That being said i also fear that if i wait longer for things to “ease” the market may only get worse for first time home buyers like myself. Unless theres a job market crash and foreclosures increase i don’t see homes becoming significantly more affordable in the next year or two.

Also I’ve heard that new homes offer better rates and incentives that you wouldn’t get buying an older home. Is that a real thing and is it something worth considering?

submitted by /u/rnandez530
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source https://www.reddit.com/r/RealEstate/comments/1qdehg6/should_i_buy_soon/
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