Re:Fed plans to ‘reset’ the housing market–raising likelihoo...
by bluGill on Friday June 17, 2022 @08:59AM
(#31777439)
Nobody knows. The future could bring anything. Maybe rates will go up for 10 years, maybe this is a blip and next year they will be down. Maybe housing prices will go up, maybe they will go down, maybe they will stay the same.
You asked about Chicago - the city as a whole doesn't have the outrageous prices of California, and so might do something different from the national average. Within the cities some areas have better prices than others. Different areas of the city will see different results. This applies in California as well - location matters.
You have to live someplace. What will rent cost if you don't buy now. I lost money on my first house (moved at the bottom of the 2008 downturn), but after accounting for all the rent I would have had to pay instead of the house I was still better off financially.
Make your best guess based on the above. You will be wrong in at least minor details, but hopefully close enough. In the worst case you just have to accept you made the best decision you could at the time, and there was no way to know it would turn out bad.
You asked about Chicago - the city as a whole doesn't have the outrageous prices of California, and so might do something different from the national average. Within the cities some areas have better prices than others. Different areas of the city will see different results. This applies in California as well - location matters.
You have to live someplace. What will rent cost if you don't buy now. I lost money on my first house (moved at the bottom of the 2008 downturn), but after accounting for all the rent I would have had to pay instead of the house I was still better off financially.
Make your best guess based on the above. You will be wrong in at least minor details, but hopefully close enough. In the worst case you just have to accept you made the best decision you could at the time, and there was no way to know it would turn out bad.