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Best way to buy a house now? #7582152
05/11/22 06:24 PM
05/11/22 06:24 PM
Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
G
Gary Benson Offline OP
trapper
Gary Benson  Offline OP
trapper
G

Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
A friend wants to buy a house in Arkansas so she can go live by her Grandbaby. With the stock market down as it is, should a person borrow and hope the stocks rebound, or cash it in and pay cash?


Life ain't supposed to be easy.
Re: Best way to buy a house now? [Re: Gary Benson] #7582159
05/11/22 06:42 PM
05/11/22 06:42 PM
Joined: Oct 2014
Posts: 3,335
Eau Claire Wi
Trap Setter Offline
trapper
Trap Setter  Offline
trapper

Joined: Oct 2014
Posts: 3,335
Eau Claire Wi
Just my personal opinion but now seems like about the worst time to buy in the last 10 years but... without a crystal ball it might be the best time to buy for the next ten.
I personally wouldn't cash out in this market unless I had to.

Sorry no help


Life sure is tough when you don't learn from the mistakes of others.
Re: Best way to buy a house now? [Re: Gary Benson] #7582163
05/11/22 06:46 PM
05/11/22 06:46 PM
Joined: Aug 2011
Posts: 37,169
james bay frontierOnt.
B
Boco Offline
trapper
Boco  Offline
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B

Joined: Aug 2011
Posts: 37,169
james bay frontierOnt.
Best house to buy today is one on wheels.


Forget that fear of gravity-get a little savagery in your life.
Re: Best way to buy a house now? [Re: Gary Benson] #7582167
05/11/22 06:51 PM
05/11/22 06:51 PM
Joined: Dec 2013
Posts: 12,487
Greene County,Virginia
R
run Offline
trapper
run  Offline
trapper
R

Joined: Dec 2013
Posts: 12,487
Greene County,Virginia
I would say it depends on the neighborhood. If you are buying in a meth head neighborhood, probably a bad idea.


wanna be goat farmer.
Re: Best way to buy a house now? [Re: Boco] #7582173
05/11/22 06:59 PM
05/11/22 06:59 PM
Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
G
Gary Benson Offline OP
trapper
Gary Benson  Offline OP
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Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
Originally Posted by Boco
Best house to buy today is one on wheels.

I think you are right. That's what I'm in at the present.


Life ain't supposed to be easy.
Re: Best way to buy a house now? [Re: run] #7582174
05/11/22 07:00 PM
05/11/22 07:00 PM
Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
G
Gary Benson Offline OP
trapper
Gary Benson  Offline OP
trapper
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Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
Originally Posted by run
I would say it depends on the neighborhood. If you are buying in a meth head neighborhood, probably a bad idea.

Definitely not meth.. Just outside Fayetteville Ark.


Life ain't supposed to be easy.
Re: Best way to buy a house now? [Re: Gary Benson] #7582196
05/11/22 07:28 PM
05/11/22 07:28 PM
Joined: Feb 2014
Posts: 24,746
nm
A
adam m Offline
trapper
adam m  Offline
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A

Joined: Feb 2014
Posts: 24,746
nm
Tell her to get pre-qualified asap. Interest rates are expected to climb 4-5 more times this year.
She will need to make a weekend of looking at houses. Also she needs to be prepared to offer more than asking price. The market is still insane.

Re: Best way to buy a house now? [Re: Gary Benson] #7582248
05/11/22 08:47 PM
05/11/22 08:47 PM
Joined: Jul 2016
Posts: 3,783
NY
Canvasback2 Offline
trapper
Canvasback2  Offline
trapper

Joined: Jul 2016
Posts: 3,783
NY
Sailboat!!

Re: Best way to buy a house now? [Re: Gary Benson] #7582260
05/11/22 08:55 PM
05/11/22 08:55 PM
Joined: Jul 2009
Posts: 2,025
Oregon
H
H2ORat Online content
trapper
H2ORat  Online Content
trapper
H

Joined: Jul 2009
Posts: 2,025
Oregon
If I was selling -I would make it happen quick-- it is showing some signs of softening here -- if i was buying I might hold off for 6 months or so -- what you lose in interest rates might be offset by the drop in purchase price . We are in a liberal state though -- trying to second guess clueless people is a whole nother game.

Re: Best way to buy a house now? [Re: Gary Benson] #7582263
05/11/22 08:59 PM
05/11/22 08:59 PM
Joined: Dec 2008
Posts: 1,516
eastern washinghton
7
70sdiver Offline
trapper
70sdiver  Offline
trapper
7

Joined: Dec 2008
Posts: 1,516
eastern washinghton
all depends on the purchase price and how much is in the 401k. will this be a third of the 401 k ? how long before retirement? Just to many unknowns to make a call.


catch to date:

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Re: Best way to buy a house now? [Re: Gary Benson] #7582317
05/11/22 09:38 PM
05/11/22 09:38 PM
Joined: Oct 2009
Posts: 4,997
western mn
B
bucksnbears Offline
trapper
bucksnbears  Offline
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B

Joined: Oct 2009
Posts: 4,997
western mn
Send a p.m. to JBYRD63, he'll set you straight. smile


swampgas chili and schmidt beer makes for a deadly combo

You have to remember that 1 out of 3 Democratic Voters is just as dumb as the other two.
Re: Best way to buy a house now? [Re: adam m] #7582321
05/11/22 09:42 PM
05/11/22 09:42 PM
Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
G
Gary Benson Offline OP
trapper
Gary Benson  Offline OP
trapper
G

Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
Originally Posted by adam m
Tell her to get pre-qualified asap. Interest rates are expected to climb 4-5 more times this year.
She will need to make a weekend of looking at houses. Also she needs to be prepared to offer more than asking price. The market is still insane.

She just did. She looked at it awhile back but it sold, then the buyers backed out, leaving earnest money on the table, now the price dropped 10k. What a circus.


Life ain't supposed to be easy.
Re: Best way to buy a house now? [Re: Boco] #7582369
05/11/22 10:33 PM
05/11/22 10:33 PM
Joined: Mar 2014
Posts: 1,758
Central Texas
C
Chancey Offline
trapper
Chancey  Offline
trapper
C

Joined: Mar 2014
Posts: 1,758
Central Texas
Originally Posted by Boco
Best house to buy today is one on wheels.



Agreed. SIL and daughter living in trailer house right now. Property is paid for. He asked me other day what I thought about them building house right now. I told him no way in (This word is unacceptable on Trapperman), wait until late fall and see what the heck gonna happen. Cost to build a house and interest does not make sense IMO.

Re: Best way to buy a house now? [Re: Gary Benson] #7582398
05/11/22 11:02 PM
05/11/22 11:02 PM
Joined: Dec 2006
Posts: 2,698
Moved to Fbks, Ak.
M
martentrapper Offline
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martentrapper  Offline
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M

Joined: Dec 2006
Posts: 2,698
Moved to Fbks, Ak.
Originally Posted by Gary Benson

She just did. She looked at it awhile back but it sold, then the buyers backed out, leaving earnest money on the table, now the price dropped 10k. What a circus.

If the buyer was so anxious to get out they left earnest money behind, and now the price is lower..........and in this market it hasn't sold..........there's something wrong with the property!

Re: Best way to buy a house now? [Re: Gary Benson] #7582403
05/11/22 11:04 PM
05/11/22 11:04 PM
Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
G
Gary Benson Offline OP
trapper
Gary Benson  Offline OP
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Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
Well it was inspected and passed, and it'll be inspected again So...maybe something will show up.


Life ain't supposed to be easy.
Re: Best way to buy a house now? [Re: Gary Benson] #7582427
05/11/22 11:34 PM
05/11/22 11:34 PM
Joined: Dec 2006
Posts: 9,782
East-Central Wisconsin
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bblwi Offline
trapper
bblwi  Offline
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Joined: Dec 2006
Posts: 9,782
East-Central Wisconsin
Personally for me I would borrow the monies and watch the market grow back again and it will it is a matter of time. When the market does go back up one can always take out some of the newer earnings and pre-pay on debt if one chooses to do so.

Bryce

Re: Best way to buy a house now? [Re: Gary Benson] #7582433
05/11/22 11:43 PM
05/11/22 11:43 PM
Joined: Feb 2014
Posts: 24,746
nm
A
adam m Offline
trapper
adam m  Offline
trapper
A

Joined: Feb 2014
Posts: 24,746
nm
Originally Posted by Gary Benson
Well it was inspected and passed, and it'll be inspected again So...maybe something will show up.

1 scenario might be the buyer offered more than the bank would write.
Other scenario is even though "it passed" inspections there might have been enough minor issues to back out possibly the owner didn't want to fix anything listed on the report.

Re: Best way to buy a house now? [Re: Gary Benson] #7582435
05/11/22 11:44 PM
05/11/22 11:44 PM
Joined: May 2010
Posts: 9,046
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 9,046
mn north of blakely
Historically 5.5 interest rates are a good deal.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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