Striking-Trainer8148

Striking-Trainer8148 t1_j5ryjh2 wrote

As a recent homebuyer who just moved here, I apologize for the following harsh truth.

Average home price in the us is $500,000 right now. (Source: https://www.statista.com/statistics/240991/average-sales-prices-of-new-homes-sold-in-the-us/)

We are one of the more expensive states. (#13 including DC ahead of us according to here: https://worldpopulationreview.com/state-rankings/median-home-price-by-state)

300k is well below average for this area.

You’re better off putting your down payment into a 6% CD and waiting 2-3 years for rates to drop. The current rates either need to change or prices need to drop. This is not a good time to buy in, because you’ll have to refinance in a few years to get out from your terrible rate. Refinancing will force you to pay closing costs again. So essentially you can take the 30k you’d have to pay towards your refinance and pay rent for a little bit instead, and probably come out ahead.

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