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Buy Now Or Later?

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Good morning! I currently own a townhouse in Near Northside. My partner and I have decided we want to buy another home together and lease my townhouse out as a rental property. We have been diligently house shopping since January, and have found a few houses we love here and there - but there is always one major thing that we can't compromise on, lack of garage space, single bathroom, etc... We want to buy in the Heights(ish) or Timbergrove sub $450k pricepoint. Big factors for us is garage space, kitchen and storage, as well as entertaining space. We are ok with a house that is 1500 sqft as long as it is useable space. 


So, with that back story, we are not in any hurry - we want to find "the right house" it doesn't have to be "right now" - we all know we are in a sellers market, is it a bad idea to be looking for a house now? Should we wait and see if the market settles down a bit and things become more affordable?


We have two fears:  

1) That the market stays hot for another couple of years and we become priced out of the neighborhoods we want to live in. 

2) The market only stays hot in the short term, and we end up buying a house that is overvalued, and value isn't sustained based on the current "sellers" market pricing.


So the big ($450,000 question is) do we buy now, or later?


I'd love to hear your thoughts on the subject. Thanks in advance!

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To some extent it depends on how long you are planning to stay in the house you find.  If you are planning to be there a long time I would think it is fine to buy now, assuming that in the long run house prices generally remain steady.  If it is likely short-term in nature there is more of an argument for trying to wait until the market weakens somewhat.  If it were me I would probably buy, since a decline like what took place in the 1980s seems unlikely at this time. 



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You may consider this: http://www.bizjournals.com/houston/blog/breaking-ground/2014/05/buy-vs-rent-how-houston-stacks-up.html


There's been quite an increase in prices over the last few years, but considering growth projections for the city I would buy soon to avoid being priced out to the suburbs. 

Edited by barracuda
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  • 3 months later...
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