Im looking to buy my first home in hudson valley NY. Everything is pretty expensive here. Wondering if its not a good time to buy considering the all time highs the housing and stock market are currently at. Thankyou!
At nearly all points in history, the housing market is at an all time high.
This is always the $10m question. The reality is no one knows. Bears will say top and keep calling tops because they have no money on the line. They will say soon or near with no exact range of dates so if they get lucky they can say "Told YOU". Told me? Did you make money? Did you short? If you didn't who cares.
I think more important is to have a process so you know your risk and can withstand a downturn should there be one. Like Russell mentioned at all points in history prices always look high.
I am still currently still buying and investing in this top market. Are the prices at an all time high - yes. The reality and justification for me is that $ is still very cheap and while the market will most definitely soften in the next 24 months the interest rates will also climb making your cost to purchase also higher.
For example: with a purchase of a three family in Boston area today at a cost of $750k mortgage is $3500 with 4% interest and 20% down. In the future you might be able to purchase the home at $650k with some decline but interest would increate to 6% making your mortgage the same. If you bought it today at least you would've gotten 2 years ahead of the mortgage and getting strong rents in a better economic climate.
It's important to evaluate the cash flow as it stands today and not 'speculating' on what it could be 1-2 years from now with a bunch of renovations. If the math works today, it will always work.
The genius behind the statement “don’t wait to buy real estate. Buy real estate and wait” comes through in your post. Love that.