Re:Ask HN: What are idling first-time home buyers doing?
by techdragon on Monday January 31, 2022 @08:59PM
(#30157691)
While I’m not in this exact situation, it’s why I’m waiting. I’m barely over the edge of this with enough that I could pull the trigger assuming I feel like completely changing my work life balance, commuting arrangements, social life, etc, in order to move a significant distance away in order to take advantage of lower property prices.
It’s obvious as someone living in an area where value is rising faster than peoples ability to save, that the crash will be quite dramatic in these areas in particular. While I don’t expect a 2/3rd crash across the entire property market, I do expect major price realignments well in excess of 25%
So let's say you wanted to save 20% for a down payment and closing costs. That 20% was growing faster than people's ability to save for it. These are the buyers that have been priced out of the market and are the ones that pretty much have to wait for a crash.