Is this a horrible time to buy a house?

[SteveinMN]

What kind of market would you expect for your house, pinkytoe? Around here, high-end houses, particularly in the outer-ring suburbs, are not selling well at all righ tnow. Under $250K and close to either city? Unless there's a major problem with the house, it's pretty much sold as soon as the for-sale sign in planted in the yard.

So would your house fit into a sells-fast category in your market? If it does, I'd go for it. Particularly if you could handle carrying two houses financially for some months. I think this time is different from 2008. Not hugely different, but enough if you're trading even (or down) and can pay cash and carry the current house for a bit.

[dmc]

I have a contract on a house to buy, and a contract to sell mine. Originally I was going to close on the new home first, and then move my stuff over before closing on mine. I’m only moving a couple miles away.

But with everything going on I changed my closing date on the new house back to make sure mine sells first. It will cost me a few thousand as I have to put my stuff in storage, and then move it again. I also had some other fees because of putting things back. But I didn’t want to take the chance that my buyers back out and have to put mine back on the market.

I don’t mind basically trading houses at this time, but I don’t want to own two in what will probably be a slow market for a while.

At least the buyers of my house put down more into escrow than I did, so if they back out they will more than cover mine.

[Gardnr]

We have been planning to move for several months - back to Texas. Found a little house that ticks all the boxes and is reasonably priced for that market. It would be like we did with this house, a sight unseen purchase, but we know the area well and it is where we want to relocate to. I can pay cash but then we would have two houses until I can get this one sold. I have no idea what the market will be like for selling here but I know the inventory is very limited. What to do? Take the risk and proceed with what our hearts want or sit tight?

I would do it personally.

[JaneV2.0]

How long do you really want to put off moving back? Life is short, as recent events have shown.

[iris lilies]

Are lending institutions even making loans? Before the virus shutdown, there were big backlogs in loan processing.

[JaneV2.0]

I don't think Pinkytoe needs a loan.

[razz]

FWIW, I would never buy a house sight unseen but you have done so before so your comfort level is what matters.

[iris lilies]

I don't think Pinkytoe needs a loan.

My concern isnt so much buying a house with cash as

1) unloading any other house one may have and buyers needing a mortgage is one of those concerns

2) value of purchased house pkunging. That isnt necessarily a concern in a house one stays in for years and years, but it affects your bottom line asset measurement

[ApatheticNoMore]

Generally yes . I'd hardly say it's financially super prudent to have two houses now. However you have wanted nothing but to go back to Texas ever since you moved, so ... . Is it somewhat the same part of Texas you left (I believe that was Austin?) or thereabouts. If so you know the area at least, so no surprises there. You could rent for a bit there first I guess. The housing market many places is not likely to be going up much anytime soon I wouldn't think, but I suppose one never knows.

[pinkytoe]

Well guys, we decided after much discussion not to do this right now. There is already enough anxiety going on. For now, we will enjoy our comfy, remodeled house with a beautiful view of Pike's Peak and FaceTime with family; very, very grateful to have what we have. Who knows what will happen to the real estate market in the foreseeable future?