Bay area housing: wait or buy!

We are first time homebuyers and looking for house that we can live 7-10 years at least. Currently we see a drop in prices a bit but wondering if they would go down more? On the other hand there is a chance that the interest rates might go higher too.

Here is our plan but wondering if it makes sense: Get 10/ ARM since it is lower for now and lock the interest rate if we can. Look for houses in the area that suits our budget for these 2-3 months and buy.

Is this a reasonable plan in Bay Area? I’m afraid of not being able to get break even within 7 years. Also many of our friends gave up looking for houses due to stock losses which makes us doubtful too. We also lost some money but tbh we are not very good with the stock market so we generally buy index funds or apple shares.

What would you do if you were us?

submitted by /u/yazgulubi
[link] [comments]

We are first time homebuyers and looking for house that we can live 7-10 years at least. Currently we see a drop in prices a bit but wondering if they would go down more? On the other hand there is a chance that the interest rates might go higher too. Here is our plan but wondering if it makes sense: Get 10/ ARM since it is lower for now and lock the interest rate if we can. Look for houses in the area that suits our budget for these 2-3 months and buy. Is this a reasonable plan in Bay Area? I’m afraid of not being able to get break even within 7 years. Also many of our friends gave up looking for houses due to stock losses which makes us doubtful too. We also lost some money but tbh we are not very good with the stock market so we generally buy index funds or apple shares. What would you do if you were us? submitted by /u/yazgulubi [link] [comments]

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