Is it crazy to buy house now

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.

classc1

in General Discussion 5 years and 2 months ago

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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?

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).

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!

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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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.

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.

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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Soooooo happy that I passed on the house!

yudashasom | 5 years and 2 months ago

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You missed a great opportunity to renegotiate.