# Buying a house in the current and upcoming market **URL:** \ **Category:** In My Humble Opinion\ **Created:** [January 16, 2025, 10:10pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058 "2025-01-16T22:10:39Z")\ **Posts on this page:** 17\ **Page:** 2
**Author:** ![ZipperJJ](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/zipperjj/32/211_2.png) [@ZipperJJ](https://boards.straightdope.com/u/ZipperJJ)\ **Post date:** [January 17, 2025, 5:03pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/22 "2025-01-17T17:03:08Z")
I agree with @hajario. You want to buy a home, you should buy a home. It is my gut feeling that you should buy one now, sooner than later. I have a home in the Cleveland area. It’s only appreciated like $50-80k over the past 20 years. But that’s also 35% of the purchase price. But I don’t even think of that - I REALLY enjoy my $800/mo mortgage and my 1/2 acre fenced in yard. I have so much abundance, I have (had) TWO dogs! I also agree with @Musicat that you should consider getting a mortgage, even if it’s small. ---
**Author:** ![wolfpup](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/wolfpup/32/10618_2.png) [@wolfpup](https://boards.straightdope.com/u/wolfpup)\ **Post date:** [January 17, 2025, 7:00pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/23 "2025-01-17T19:00:43Z")
> [@msmith537](#): > > I think maybe incorporating Trump Derangement Syndrome into long term financial strategy isn’t really a great idea. The American economy is not going to tank to the point where stocks and real estate becomes worthless and if it does, you’ll have bigger problems to worry about. No one here is suggesting that real estate or stocks will become worthless. But there’s a good chance that market will dip due to Trump’s incompetence. That could have significant implications for those planning to sell during that period, because life goes on. Even a relatively small percentage drop can make a big difference. In 2023 the average price of a detached home in my overall municipal area and suburbs was just shy of $1.5 million. If the Orange Peril imposes exorbitant tariffs, crippling Canadian exports and putting thousands of companies out of business, and home prices drop only 10%, that’s a loss of $150,000 for the average homeowner. And they could drop a lot more. ---
**Author:** ![DSeid](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dseid/32/20194_2.png) [@DSeid](https://boards.straightdope.com/u/DSeid)\ **Post date:** [January 17, 2025, 7:20pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/24 "2025-01-17T19:20:38Z")
> [@wolfpup](#): > > and home prices drop only 10%, that’s a loss of $150,000 for the average homeowner. Wait what? Average home is now $1.5 million? Relevant to the op - they are not thinking about buying with the intent to sell in the next three or four years. And it’s Cleveland, not a crazy high priced market. Not one threatened by forest fires or hurricanes either. ---
**Author:** ![wolfpup](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/wolfpup/32/10618_2.png) [@wolfpup](https://boards.straightdope.com/u/wolfpup)\ **Post date:** [January 17, 2025, 7:28pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/25 "2025-01-17T19:28:04Z")
> [@DSeid](#): > > Wait what? Average home is now $1.5 million? It was. Down to $1.4M for the average detached in December, 2024. With the housing market already somewhat weak the last thing we need is the rampaging incompetence and intentional malignancy of the Orange Peril torpedoing our economy, as well as his own. > **[Toronto Housing Market: Nov. 5th, 2025 Update | Interactive Map - WOWA.ca](https://wowa.ca/toronto-housing-market)** > > October 2025 marked another weak month for the GTA housing market, as prices continued to drift lower amid high inventory and cautious buyer sentiment. ---
**Author:** ![Elmer\_J.Fudd](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/elmer_j.fudd/32/1211_2.png) [@Elmer\_J.Fudd](https://boards.straightdope.com/u/Elmer_J.Fudd)\ **Post date:** [January 17, 2025, 7:56pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/26 "2025-01-17T19:56:16Z")
He’s talking about the .69 cent dollars used up north. ---
**Author:** ![DSeid](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dseid/32/20194_2.png) [@DSeid](https://boards.straightdope.com/u/DSeid)\ **Post date:** [January 17, 2025, 8:00pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/27 "2025-01-17T20:00:44Z")
Ah. Even assuming that’s Canadian dollars Toronto is a costly market, over a million USD. But the OP has specified Cleveland and Cleveland average prices are a bit less. Like [roughly](https://www.realtor.com/realestateandhomes-search/Cleveland_OH/overview) an order of magnitude less (more for nicer burbs I am sure.) ---
**Author:** ![John\_DiFool](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/john_difool/32/19543_2.png) [@John\_DiFool](https://boards.straightdope.com/u/John_DiFool)\ **Post date:** [January 17, 2025, 9:26pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/28 "2025-01-17T21:26:32Z")
Like New Jersey we are the butt of jokes, but there are quite a few awesome natural places here. I just came back from a quick snowshoe hike in the valley here, for example, brilliant white everywhere. ---
**Author:** ![DSeid](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dseid/32/20194_2.png) [@DSeid](https://boards.straightdope.com/u/DSeid)\ **Post date:** [January 18, 2025, 12:19am UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/29 "2025-01-18T00:19:57Z")
Funny enough we stopped and spent some time in Cleveland driving back from having Thanksgiving in NJ. Yes both actually quite nice places! But damn houses do seem like great values in Cleveland! NJ (especially Long Beach Island where my MIL lives) not so much so! ---
**Author:** ![China\_Guy](https://avatars.discourse-cdn.com/v4/letter/c/779978/32.png) [@China\_Guy](https://boards.straightdope.com/u/China_Guy)\ **Post date:** [January 18, 2025, 3:55am UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/30 "2025-01-18T03:55:23Z")
Location location location. If you’re planning to be in the home for a few decades, then usually the price will appreciate over time even if you buy high. Do try to avoid being in an obviously risky long term demographic situation like Detroit 30 years ago. If your future might involve children, then also consider local schools and school districts as part of the long term planning. Also consider your own situation. If the house price drops 10% or even 50%, will that be actually _material_ to your life or retirement? We can all use more money, but would a property price decline translate into less trips in retirement or risk of homelessness? ---
**Author:** ![Gatopescado](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/gatopescado/32/5711_2.png) [@Gatopescado](https://boards.straightdope.com/u/Gatopescado)\ **Post date:** [January 18, 2025, 5:03am UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/31 "2025-01-18T05:03:26Z")
Buy! If for the only reason The Dog. I strongly recommend a Dachshund. It’ll make your life better, and you really gotta be pretty stupid to lose on real estate, especially when you got an insider helping you. Breaking even is about as bad as you can do unless The Universe decides to Anal-train you. ---
**Author:** ![wolfpup](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/wolfpup/32/10618_2.png) [@wolfpup](https://boards.straightdope.com/u/wolfpup)\ **Post date:** [January 18, 2025, 7:29pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/32 "2025-01-18T19:29:26Z")
> [@China\_Guy](#): > > Location location location. That real estate mantra cannot be repeated often enough. No greater truth has ever been written. I’m rather proud of myself for the area I picked when I moved out of the Big City proper – property values here have more than tripled in the last ten years, for exactly the reasons I anticipated they would. Even the spectacular stock market gains in that same period couldn’t match that. But for that investment I had a nice place of my own, to live in rent-free, and you can’t live in a stock certificate. ---
**Author:** ![OldOlds](https://avatars.discourse-cdn.com/v4/letter/o/a3d4f5/32.png) [@OldOlds](https://boards.straightdope.com/u/OldOlds)\ **Post date:** [January 18, 2025, 7:57pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/33 "2025-01-18T19:57:29Z")
> [@hajario](#): > > If the house will improve your quality of life and you’re likely not to move again once you have it, just buy the house. It’s your house, not really an investment. Start looking now and if you find your dream house, get it. No one can predict what you’re looking for This. One of the best things about owning a house is the agency it gives you. > [@John\_DiFool](#): > > Except that history is absolutely littered with nuked portfolios of people who didn’t properly evaluate the warning signs and thus didn’t get out while the getting was good. It’s also conventional wisdom that even the pros can’t really time markets. We could be in a bubble, but even then it could run another 10 years. Or see a soft landing. Or collapse on the day you close. And here’s another thing: When we bought our first place, the mortgage was about $1900/mo all-in (taxes, etc). At the time we could have rented it for about $1500. Rent on that place now is $3600/mo, and if we still had it we’d still be paying $1900/mo. ETA: I’ll also add that having a mortgage is not a terrible thing. You’ll pay 7%, but get a tax deduction, and the money not tied up in the house can easily earn more than that. Remember: Nobody will give you an equity loan when you really need it. ---
**Author:** ![John\_DiFool](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/john_difool/32/19543_2.png) [@John\_DiFool](https://boards.straightdope.com/u/John_DiFool)\ **Post date:** [January 18, 2025, 8:50pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/34 "2025-01-18T20:50:01Z")
> [@Gatopescado](#): > > Buy! If for the only reason The Dog. I strongly recommend a Dachshund. Black Lab. My best pet ever was such, thus want to give him a big front yard to frolic in. ---
**Author:** ![Jackmannii](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jackmannii/32/311_2.png) [@Jackmannii](https://boards.straightdope.com/u/Jackmannii)\ **Post date:** [January 19, 2025, 10:52pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/35 "2025-01-19T22:52:01Z")
If only for the black Lab, buy a place. With a sizable fenced yard. ---
**Author:** ![Al128](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/al128/32/16541_2.png) [@Al128](https://boards.straightdope.com/u/Al128)\ **Post date:** [January 20, 2025, 11:54am UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/36 "2025-01-20T11:54:01Z")
> [@NellietheElephant](#): > > So I am 100% certain Trump will do stupid things that will adversely affect the US and global economy, my views on what constitutes a prudent conservative financial plan hasn’t changed much. I think at this stage, the most realistic “economic DJT risk” is him starting off a “dit-for-dat-tariffs-trade-war” where everybody loses… putting the world as a whole into a recession … but even that will end in 3-5 years … and your planning horizon should be longer than that. If you want to play it safe, you might entertain the idea to go for a house that allows for an independent appartment (e.g. basement or so) … that you can rent out - and have a source of income that will be a shock-absorber for any RE-fluctuations. But then again, if you have “buy house in cash” money … why …? … just maximize your living quality and call it a day. ---
**Author:** ![smithsb](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/smithsb/32/12107_2.png) [@smithsb](https://boards.straightdope.com/u/smithsb)\ **Post date:** [January 20, 2025, 11:05pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/37 "2025-01-20T23:05:17Z")
I’m not your financial advisor, but I know a guy. Warren Buffett, might have heard of him. He has spoken in favor of home ownership (are you going to be in the same place the next 10 years plus?). Then with the mortgage rate below historical norms (the 2%, 3%, 4% we’ve seen recently is way below normal) buy a home on a 30 yr. mortgage. And he has spoken against home ownership if you can find greater returns in the equity markets. So what’s his opinion in the current times? He’s sitting on the sidelines with $325 billion in cash because of uncertainty in what Trump can/will do. He’s not even purchasing his own stock, BRK/A or BRK/B. If you have a good location and stability, go for the home right now with a minimal down payment. Sit on the cash until the stupid straightens out. Might be two or three years. ---
**Author:** ![Chronos](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chronos/32/134_2.png) [@Chronos](https://boards.straightdope.com/u/Chronos)\ **Post date:** [January 20, 2025, 11:13pm UTC](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058/38 "2025-01-20T23:13:45Z")
Buying a home isn’t an investment in the sense that you expect that it will increase in price. Maybe it will, maybe it won’t, but the default assumption is that it will keep a more or less constant inflation-adjusted value. It’s an investment because, fifty years later when you’re selling again for probably about the same amount, you’ll also have had fifty years of having a roof over your head, which has significant value. But that doesn’t mean that it doesn’t matter what the housing market is doing when you buy. While you’re still getting the same benefit of a roof over your head, how much you pay for that benefit can vary considerably. If you think prices will go up for the foreseeable future, then it’s better to buy now, before they get any more expensive. If you think that housing is a bubble that’ll soon pop and prices will soon get much lower, then it’s better to wait until that happens and buy then, when it’s cheap. Which is it actually? I dunno. [Previous page](https://boards.straightdope.com/t/buying-a-house-in-the-current-and-upcoming-market/1013058.md?page=1)