Me and my partner we're planning on looking to house hack our first property sometime around December. One of my co-workers mentioned that there might by a decline in the housing market and that we should wait a year or so to buy any property. Does anyone have any thoughts on a possible decline in the housing market? Should we wait a year like my co worker said?
That's definitely a fear, however if you buy right where if you were to move out and it cash flowed a decent amount, then it really shouldn't matter too much. If rents were to be say 80% of today's market value, and you're breaking even, then you're probably fine. You can make money in any market cycle, you just need to buy right, and it takes more time in finding the right property.
How is waiting a year going to make a difference? If the cost to buy comes down, the cost to sell does too. If you plan on living in one side, there are factors that will most likely make a bigger impact on your numbers than the "big if"...which has loomed overhead for how many years now?
Is the co-worker an active real estate investor? If not, don't listen to what he has to say. Everyone wants to be an armchair...whatever... And in general, friends, family, co-workers don't like if one of their peers takes a step above their present status and will try to pull the back down to the same level.
December will probably be a great time to buy, because there's not as much competition and the market slows down some. In the spring it will heat up again.