Is it crazy to buy house now

I’m about to sign a contract and send in our deposit for our dream home. Although we do not need to sell our current coop to purchase the new home, I’m worried about potentially carrying two mortgages as few people will likely go to open houses to view homes early next month. I’m worried about finding contractors to complete the needed renovations. However, we’ve been looking for two years. Thoughts?

classc1

in General Discussion 5 years and 3 months ago

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classc1 | 5 years and 2 months ago

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No-permitz… how so? The house will likely still be sitting there. One major concern I had was the inability to hire contractors and look at the Governor’s Order issued today.

yudashasom | 5 years and 2 months ago

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You missed a great opportunity to renegotiate.

classc1 | 5 years and 2 months ago

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Soooooo happy that I passed on the house!

yudashasom | 5 years and 2 months ago

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I wouldn’t worry about rates as much as banks tightening up, and bad comps…

classc1 | 5 years and 2 months ago

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Thanks Solaire and MrMeeesseeks. I’m actually feeling pretty good about our decision. Too much uncertainty.

Guest User | 5 years and 2 months ago

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I like what Solaire says. Don’t worry, the rates will remain the same, everyone will need buyers, + most likely there will be a recession in the economy. Good luck.

Guest User | 5 years and 2 months ago

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Also, given the size of this clusterf**k, I can assure you that rates will stay low for veeery long time after the worst has passed. Remember 2008?

Guest User | 5 years and 2 months ago

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Classc1, I was in a similar situation last year. I bought a house and then sold our condo. The whole time between signing the contract of the house and finally selling the one for the condo, I kept worrying that we would hit a recession and I would be stuck with 2 mortgages for a long time. Each person is different, I was really stressed but my wife was not worried at all. I can only imagine how worried I would have been if a crisis like the one we are now had happened then.
In a sense, you are lucky that these events developed before you signed your contract. Now you can make a decision knowing that there is a serious crisis.

I can think of 2 options:
1. Propose a contract to the house sellers that is contingent on you being able to sell your coop. They may not like it but, honestly, they would also have a tough time finding a new buyer right now. Also, at least for a couple of months, they would have to reduce the selling price, as other buyers will be looking to see what happens with this crisis. I know I’m worried about my job, many people must be.

2. Just don’ t sign the contract and wait this out. Many times I thought I had found my dream home and then lost a bidding war and later found a better house. It is likely that after all this prices will go down and you will still be able to buy this house (becasue again, they are not selling it tomorrow) or you’ll find a nicer one.
I can tell you one scenario that will 100% not happen: that real estate will go up in the next 3-6 months.

Good luck!

cate | 5 years and 2 months ago

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The virtual tours may for work for rentals and to pare down a list. Once serious, in-person inspections will still be needed (at least for houses — maybe not co-ops).

classc1 | 5 years and 2 months ago

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My realtor has gone virtual too. Do you really think people are going to buy without ever having stepped foot in someone’s house?

Guest User | 5 years and 2 months ago

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Most realtors are going virtual. I saw the internal memo from Compass saying they’re moving that way immediately. I can recommend someone if you’d like. DM me at jhcovert AT gmail.con

classc1 | 5 years and 2 months ago

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On the fence again… this isn’t looking good. The economy. How will we ever sell our coop? I don’t want anyone in my house for an open house given what’s going on.

daveinbedstuy | 5 years and 2 months ago

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Within your means, it’s never crazy to but. I know people who bought in the late 79s wit rates at 12%, 14% and 16% mortgages. My foirst one was 7.75% . You have extremely low rates now and this recession will only last a quarter or two. We will come out of this MUCH fatser than the 2009 recession. It’s an entirely different animal. Mortggae applications are up 75% now at many lenders.

cate | 5 years and 2 months ago

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Co-ops often relax renting rules in times of crisis, so that may be one thing you don’t have to worry about.

stuyheights | 5 years and 2 months ago

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https://money.yahoo.com/why-you-cant-get-low-mortgage-rate-201205117.html

http://www.mortgagenewsdaily.com/consumer_rates/938974.aspx

BKALLDAY | 5 years and 2 months ago

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> @StuyHeights – It is now cheaper for banks to borrow money. Rate plus prime is usually how many mortgage loans are structured. If the Fed says the rates are 4, 5 6, 7 or 8 % and then the bank tacks on it’s 1.5 or 2% you have Rate (the Fed) + Prime (the banks and what they are charging mortgage holders to use their money). With the rates being at 0.25% it means that the Fed is opening the funnel for more Americans to go out and buy homes and the banks are charging less to borrow money from the government to underpin the loans. The Prime is the amount the banks pass on to consumers for the privilege of making the loan.

In effect it is now cheaper to the potential homeowner to buy a house because the Feds have dropped the rates and legitimate banks can now lend their money at (say 1.5 -2 %). The scary thing is when banks now start adding too many points or start making bad loans to people who cannot afford the house in truth (a family that makes $50K buying a million dollar home). Because in the end all of the mortgages become securitized and bad loans become bad debt to the government as seen in the 2006/2007 housing crash.

This President is such an idiot because he is always looking selfishly at his re-election when what he should do (since rates are so low) is hold all banks feet to the fire and tell them that a repeat of the last crash cannot happen or they will take the fall. Period. All banks should make only good loans in coordination with proven income.

nednedx

in General Discussion 5 years and 2 months ago

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Good luck to you! I am sure it was an agonizing decision

Putnamdenizen | 5 years and 2 months ago

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I had bought a house in August 2001. Sold my Co-op in November 2001. I was anxious, but got it done. 9/11 didn’t feel like a one-off event at the time- there were ongoing anthrax scares and anxieties about repeat attacks. So maybe more similar to what we are going through today than some younger people may remember.

classc1 | 5 years and 2 months ago

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Thank you all. No, we can’t rent out our coop unless it’s to immediate family. I’m so nervous but we’re going through with it.