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Updated over 3 years ago on . Most recent reply
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Should I buy now or wait a couple of years?
What do you think? Interest rates are very low right now. However, the newspapers are saying that it's almost guaranteed the Fed is going to raise rates next year. That could cause a decline in prices.
If you buy now, you might get a decline in value in the short to medium term. You might not be able to do a decent cashout-refi for awhile. A couple years in the line, you might be in the red. That means you're subsisting on rental profits, which probably aren't great right now due to a run up in prices in many areas.
Just curious to hear everyone's thoughts.
Most Popular Reply
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People lose a lot of money trying to time the market. I'll give you an example: In 2017 I was flipping my second house and asked a friend if he was ever going to get in on it. He told me his brother-in-law works for a financial firm, and their projection was a market crash in 2019, so he'll wait until then. 4 years and one pandemic later, he still doesn't have a place. I did four in that time.
Sure, maybe you'll get a decline in value. But for all you know that property could skyrocket. Real estate is a risk, just like every other investment. I'm not waiting.