So I am in a unique position that I am sitting on a bunch of cash due to the sale of my house and having relocated. I'm interest in peoples' thoughts if they would wait to buy or just jump in like I was planning to do.
In Nov 2019 my job in NYC was eliminated and I was packaged out. I kinda saw this coming so was already interviewing and luckily landed a job a couple of weeks later with a start date in Jan 2020 in Charlotte, NC. So my spouse and I sold our NY house in Jan (it was quick, hot market), and I grabbed a short term furnished rental until August in Charlotte, thinking we'd buy a house by then. My spouse for career reasons got an apt in NYC and will continue to work there the remainder of this year and then move to Charlotte.
The Charlotte real estate market still seems hot, prices have not really moved yet because of this crises. There are a lot of personal reasons I'd want to still get a house now:
- I'm paying for storage with movers until I buy
- Want a house with a yard for the two dogs (we don't have kids and don't plan to)
- Want space for my Mom to come live with us, and would like an office and small workout room.
- We plan to be on Charlotte for about 10 years until we are both retired and then move to FL.
- Interest rates are very low, I can get 3% no points
- Don't know how easy or hard it will be to get financing and find the right how once things "open back up"
If prices drop 10%-15% ok. But I'll feel stupid if I buy now and the market totally tanks 30% or more.
Here is our financial situation:
Cash $220K
Invested Retirement Accounts $1500k
Pension Balances $350k
Life Insurance $50k
No debt
Household income 350K annually
So from a lifestyle perspective I'd like us to be in a house, but the financial part of me maybe would just keep renting and wait. But I could end up in divorce if I push for that!