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I am worried that if I and my husband don’t buy a home this year, we will end up being stuck paying a bigger mortgage. A lot of people say that houses are expected to go up in value/cost by as much as 40% which is insane!! I am really worried.
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I think the only places you will see a jump up 40% will be in wealthier city areas like NYC and LA. Most suburbs and rural areas will likely see an increase of less than 20%. That can still add up pretty fast! I wouldn’t worry too much. Don’t rush into buying a home out of fear. Talk to a local realtor to ease your worries.
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I guess this does make sense. City living is already expensive and living in or near the city will always increase unless the city ends up getting run down like Detroit but even then, they have 8 Mile where one road splits people living in poverty from people living high off the horse!
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I love looking at homes online that are for sale and when I find ones I like, I actually enjoy recreating them in that Sims 4 game. Something I noticed when doing this though is that most houses go on the market and are bought within a few weeks, sometimes within a few days! I started doing this last year and I was shocked to see people being able to buy housing considering millions lost their jobs! I don’t know much about the value going up but I have heard others voicing their concerns.
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Oh yes! If you look in your area and pay attention to sales property, you will likely notice houses flying off the market. This is because a lot of investors are snagging them so they can prepare for the price hikes. They will either sit on them and sell them in a year for a profit or they will rent them out. Either way, it is not looking good for first-time home buyers on a budget!
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