This past week, I’ve had 2 people in 1 day tell me to hold off on getting another car and buying a home. I don’t have money for either at this time, but the big expense advice is important to be informed of.
So, about a month ago, a colleague who works in home purchase financing said that it’s a bad time if one wishes to purchase a home and required to get a loan. A cousin’s spouse who’s been in real estate in my area for over 2 decades, had said that the home loan market is at it’s highest and will eventually drop but couldn’t specify timing.
After an event, my rideshare driver who’s previously sold used and new cars, said that it’s a bad time to get a new car or gently used (within the past several years, usually no older than 3–4 years if a person wants modern conveniences). They said that many used cars are being resold for as much as a new one and worse, with very high miles too. While my driver was in a electric vehicle, fuel ones have been selling better because over the pandemic, there’s either no or very few charging stations once places opened up again for people to get to. The few that are out of my general area, tend to have VERY long wait since it’s all limited beyond all metropolitan areas.
Even if I had the funds, I was advised to travel more before buying a home since that’d be cheaper in the meantime! The home and vehicle market is saturated because employed people generated more money over the pandemic due to receiving unemployment from the government. That same amount of people also, generated more income to purchase a new or newer vehicle with a either not needing a loan or taking out a small 1. This sudden amount of income from a lot of people, caused them to spend on giant expenses such as vehicle and home purchasing.
Overall, the real estate marketing taking a hit. In my area, due to the heavy rains for the past months, MANY homes have been put onto the market. For the time being, these homes are still being listed in price for what it would be before the flooding. In certain communities, the home price is slowly dropping but the price tag is extremely HIGH for the average person to purchase and even make a 10% bid, would definitely be over a million dollars. Homes that averaged about $1.5 to $2 million were sold quickly in the past 3 years, and half of those were put up to be a rental because those homeowners couldn’t afford to keep up with payments as many businesses shut down, causing many to be unemployed of a 6 or more figure salary. Depending where…