Springboarding off of the post "7 Free Spreadsheets to Help You Budget for Buying a House this thread is dedicated to talking about buying a house in 2022. Strategies for saving, what’s happening in the real estate market, and so on.
Mortgage interest rates are low, but inflation on real estate is running at record highs. And many real estate markets across the US currently have low to very low housing availability.
So it’s a complicated time to buy! What are you seeing where you are? What strategies are helping?
I’ve owned a few homes, but we’re currently renting, and buying a house is also my 2022 goal. Where I live in Burlington, Vermont, the housing market is going wild – very little inventory and month-over-month price spikes.
I am very glad people are moving to Vermont. I feel bad for the people who want to sell their homes here and remain here - but there’s simply nothing for them to buy. So they either have to move out of state, pay a ton for a new place, or stay put.
This is probably the worst financial timing I’ve had (so far). Still, I know it will work out with planning, a little luck, and of course money.
It’s likely we will end up moving out of town, and buying a bigger house than we originally intended. Kind of a weird side effect of this market!
How’s it going where you are?
I’ve never owned a home, always rented with roommates, but I’m finally in a position to consider either buying a home or renting on my own.
I would highly recommend this short video to understand how to compare the costs of renting vs ownership Rent or Own Your Home? A Handy 5% Rule - PWL Capital
And this book recommended by the host of that video: https://www.goodreads.com/book/show/28673347-the-wealthy-renter