I bought my first home in 2017 as a fixer-upper. I spent about 50k modernizing it and about 2 years of my time. It was in a rural area, and I wasn't really prepared for country life, so my wife and I became rather miserable being so far from our families. I sold the home last September at a profit when people were desperate to leave cities and buy rural properties and find a better place to live.
Since then I've been living at my in-laws with my wife and daughter waiting for the market to cool down a bit. The inventory of houses has been getting better, but not the prices. The average sell price in our area is around 450k compared to 300k a year earlier.
Interest rates are low and I can afford a house up to 600k, but I'm nervous taking out that much money. Do I run the risk of buying a house at an expensive price at a low interest rate, or if I have to move in the future will I be stuck if the market normalizes? What other risks come with buying an expensive house? I doubt waiting will put me in a much better situation either. Am I missing something?
Submitted August 28, 2021 at 07:00AM by idklol https://ift.tt/3Dq4Tud
