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Should we buy a fixer upper or just wait? Is the market actually going to get better?

My husband doesn’t have the best credit history, and I’m a SAHM, but his income is good. With a no down payment program we qualified for $200k. And there’s just…nothing in our area for that price. I knew the market had gotten bad but this really gave me a reality check. In 2021 I was approved for $125k. And I had options with that. Ended up with a decent house that didn’t need any work. Now 5 years later $200k and there is nothing but trailers on land? We are in small town Indiana. Not the city or anything like that.

We are discussing buying one of these crappy $200k homes and trying to fix it. I am concerned about actually being able to afford repairs. Everyone keeps saying the market is going to come down, it’s going to have to crash, etc. but I’ve been hearing this for years. Is it actually going to happen?

Edit bc I’ve been asked the same thing a few times:
The house I bought in 2021 was sold in 2022. There were extenuating circumstances and it was the best case scenario. No it wasn’t in foreclosure, or anything like that.

submitted by /u/Ok_Damage_2620
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source https://www.reddit.com/r/RealEstate/comments/1t5dcdn/should_we_buy_a_fixer_upper_or_just_wait_is_the/
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