Quick Answer: Can I Buy A House Reddit?

Should I buy a home now Reddit?

General consensus: if you can afford the monthly payment and plan to stay there 10+ years no worries; if your job is certain and you’re willing to pay 100k over what the house will be worth in a year then go for it; if you can wait 6-12 months until the market settles and the chips have fallen then that’s better; if ….

How much money should you have saved before buying a house?

Saving 20% of your income could catapult you into purchasing a home in the next one to three years, depending on your market. For example, if you’re earning $96,000 per year, that’s $19,200 saved after one year. It’s $38,400 after two years and $57,600 after three.

Is 2020 good year to buy a house?

Economists say that 2020 will be a positive — though not exactly stellar — year for the housing market. And that could be good news for renters and home buyers alike. But that’s assuming experts’ forecasts are right. … As a result, many economists expected something of a repeat of the “taper tantrum” of 2013.

What credit score do you need to buy a house Reddit?

If you keep your credit score at 760, raising it won’t offer any different rates for most lenders. 740+ is the top tier. There are very specific guidelines that require minimum credit score of 780.

Is it a good time or bad time to buy a house?

2021 is a great time to buy a house, for some Mortgage rates are still near record lows, and work-from-home policies mean buyers have more flexibility to choose where they’ll live. However, high unemployment and an uncertain economy could make it hard for some buyers to get financing.

Will the housing market crash in 2021?

Housing values plunged 30% or more, homeowners lost a collective $7 trillion and it took nearly a decade for most markets to recover. … The short answer is “not likely.” Today’s market book cannot be sustained completely, but a crash as serious as the one from 15 years ago is unlikely because of a few important factors.

Is now a good time to buy a house Reddit 2020?

Now is not a great time to buy a home. Uncertainty is high. Prices may go down or may stay flat, but prices are unlikely to go up in the short-term. … Buying your longterm home when your finances are in great shape can make sense even during these times of uncertainty.

Should I buy a house now Reddit 2021?

It is definitely better to buy in 2021. For example in our area values are increasing at 5% each year as an average and interest rates will be going up. Low inventory and high demand ia prime time to increase interest rates. … You will pay $300 more a month and 90k additional in interest even if the rate only goes up 1%.

How much should I spend on my first house Reddit?

You should put at least 10% down, but aim for 20%. Plus 5% for closing costs, plus at least a 3 month emergency fund. I would also pay off all credit card debt before even starting on the savings. My husband and I bought a house recently and everything costs more than you think it will.

How much money should you save to buy a house?

If you’re getting a mortgage, a smart way to buy a house is to save up at least 25% of its sale price in cash to cover a down payment, closing costs and moving fees. So if you buy a home for $250,000, you might pay more than $60,000 to cover all of the different buying expenses.

How do you buy your first house on Reddit?

Is there a “beginner” guide to purchasing a houseFind an independent mortgage broker. … Find a reputable real estate agent. … See if you can get a quick chat with a local home inspector. … Bonus points: talk to a friend or family friend and ask them about anything they wish they would have done differently.Sep 1, 2017

Is a house a good investment Reddit?

No, it isn’t an investment really unless you are renting it out. It is a way of forced savings assuming the home you buy increases in value at a greater rate than inflation. It can be a good investment when you consider the savings in opportunity costs that you would have had to spend renting anyway.

Can you buy a house with bad credit Reddit?

All you need is a 580 score to qualify for max financing with FHA (to put down 3.5%). Getting a creditor to remove lates or paying down revolving cards to 30% might get you there. Go to free credit report.com and get your report to see what’s on there (DO NOT pay for the score).

Is it a bad time to buy a house Reddit?

No. Rates are still historically incredibly low. It is always a good time to buy a house that you can afford. Do not buy a house beyond your budget and means.

How much money do you need to buy a house Reddit?

You just need 3.5% investment into the transaction (at a minimum). If you can negotiate the seller to pay $x,xxx or x% in closing costs you can reduce what you have to take to the closing.

Should you offer less than the asking price?

If there are issues with the property or the price is too high, or both, you can usually underbid and negotiate with the sellers. … If the price has remained the same on a listing for more than two weeks, we feel it is okay for our buyers to offer a price that is somewhat less than asking, usually around 3 to 5%.