Should we buy a home now or in 2-6 months?

Id like to preface this by saying that we have never owned a home and are newbies to the home buying process so any information is so greatly appreciated.

My husband and I are looking to buy a two family home in Syracuse (we are going to live in one and rent the other out). The homes we are looking at are between 110k-160k.

Currently we are in a month to month rental that we can live in until December. Ideally we’d like to be homeowners by then.

We are wondering if we should look to buy a house now or wait a couple of months.

Reasons we are thinking of waiting:

I read an article about homes being more expensive in the summer since families want to move before their kids start school and then homes are generally cheaper after September.

The currently 5% interest rate. Wondering if it’ll go down in a few months or not.

Home prices. I read that even though there are less buyers because of the interest rates, sellers haven’t gotten the memo yet and are still pricing well over the home values. So home prices may go down in the next couple of months.

Any thoughts/comments about whether we should start looking now or wait is greatly appreciated. Thank you!

submitted by /u/livefree62
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Id like to preface this by saying that we have never owned a home and are newbies to the home buying process so any information is so greatly appreciated. My husband and I are looking to buy a two family home in Syracuse (we are going to live in one and rent the other out). The homes we are looking at are between 110k-160k. Currently we are in a month to month rental that we can live in until December. Ideally we’d like to be homeowners by then. We are wondering if we should look to buy a house now or wait a couple of months. Reasons we are thinking of waiting: I read an article about homes being more expensive in the summer since families want to move before their kids start school and then homes are generally cheaper after September. The currently 5% interest rate. Wondering if it’ll go down in a few months or not. Home prices. I read that even though there are less buyers because of the interest rates, sellers haven’t gotten the memo yet and are still pricing well over the home values. So home prices may go down in the next couple of months. Any thoughts/comments about whether we should start looking now or wait is greatly appreciated. Thank you! submitted by /u/livefree62 [link] [comments]

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