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- Jul 12, 2004
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We just entered day one of escrow on a home purchase. I'm watching TV tonight and the madness with COVID-19 continues. Stocks continue to drop. Everything is being cancelled. One NBA player contracts it and they shut down the ENTIRE LEAGUE. No flying from Europe to USA. All mass gatherings are going to be on hold.
In short, I think our world is going to "hibernate" or just "pause" for the next few months, maybe 3-6 until we get a hold of this thing.
Question is whether this is a good time to buy real estate? Or is the real estate likely to fall too with the stock market? I'm getting a little nervous about this, wondering if our pending purchase is going to be a good one or should we wait to buy in the next 6-12 months when all of this blows over.
FWIW:
- we are buying in the Bay Area (Marin County)
- were quoted something like 2.875% on a 10/1 ARM, or 3.4-3.5% on 30-yr fixed.
- we're putting down 10% (with no PMI!!!)
- our home purchase is in the 33rd percentile of purchases as ranked by $/sq ft. That is, we are buying under the mean sq/ft price.
- I really like the house but I'm not in love with it.
- we plan on being there for at least 8-10 years...but by then the kids are gone and we might want to move to something smaller.
What do you think?
In short, I think our world is going to "hibernate" or just "pause" for the next few months, maybe 3-6 until we get a hold of this thing.
Question is whether this is a good time to buy real estate? Or is the real estate likely to fall too with the stock market? I'm getting a little nervous about this, wondering if our pending purchase is going to be a good one or should we wait to buy in the next 6-12 months when all of this blows over.
FWIW:
- we are buying in the Bay Area (Marin County)
- were quoted something like 2.875% on a 10/1 ARM, or 3.4-3.5% on 30-yr fixed.
- we're putting down 10% (with no PMI!!!)
- our home purchase is in the 33rd percentile of purchases as ranked by $/sq ft. That is, we are buying under the mean sq/ft price.
- I really like the house but I'm not in love with it.
- we plan on being there for at least 8-10 years...but by then the kids are gone and we might want to move to something smaller.
What do you think?