Market slowdown question?

Question

I have a ge real question that has been asked probably a million times on here, but I cant find a clear answer for my situation. I live in southern oregon. Middle class 3bd 2 bath houses average 280-305k ish. We bought our house in 2015 so we have a significant amount of equity and want to upgrade. My plan is to sell now and rent for a yr or so. This will let us pay off some student loan debt and still have money for a big down payment later. The market has been high, but have seen a lot of price drops and houses being on the market longer, so to maximize my equity it seems like now or never. Could I speculate that the market will go down/correct enough for it to be worth it to rent? I've done a descent amount of research, but arguements for both sides make sense to me. Any info helps thank you

Account Closed · Answer

It is a good time to sell and pay off students loans. Your observation that prices have been dropping and houses have been on the market longer is accurate. By paying off student loans your Debt to Income Ratio improves, thus making it easier to buy a house in the future. No one knows when or how much any particular market will drop or go up. But good fiscal planning is to get rid of debt that isn't producing income (student loans, auto loans, credit card debt, etc) There is always a deal on a house out there and if the situation is correct you can even build your dream home sometimes cheaper than buying, based on where you chose to live.

Austin Owens · Answer

@Mike M. Ok cool thank you. Are there anymore signs that I could look for as far as the market becoming more of a buyers market? I know today mortgage rates went back up a little bit so that is making me more skiddish about overpaying for something right now!