Quote:
Originally Posted by spooled240
........ Theres a lot of uncertainty right now in the market with interest rates on the rise and the general state of politics. I wouldnt buy right now. Keep saving those pennies.
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Your first statement is somewhat contradictory. The Feds would not increase interest rates if they had any inkling it would stop growth (read: the uncertainty aspect you mentioned).......they have raised it twice this year already and there are talks of a 3rd. Now is the best time of any to buy before they raise it a 3rd time.....
In addition, after the 08 crash, there has been a significant amount of checks and balances put in place to prevent the same from happening again (although, I still do think those asshole bankers should have been all tossed to the dogs as the same ones are involved in a lot of recent unscrupulous practices, but I digress as they were not the only ones to blame....but anyways).
Also, it all depends on which market you are in. In DC for instance, with the biggest employer being the government, the markets never really took a hit as no one lost their jobs so could still afford their mortgages.
Although I do agree, unless you have $$$ burning a whole in your pocket, a massive downpayment for regular working class folks is not a good recommendation. However, I whole heartedly disagree with the remaining balance of your post (and because I thought the same before we bought our first home).