Quote:
Originally Posted by SupDock
I appreciate that feedback. I am in a really unique market where there really are no old homes, and homes are being built at a very very rapid pace. Maybe it's not that unique, but inventory doesn't last long, and hasn't for the last 18 months.
The market in my area is what it troubling me. The prices keep going up and I have some worry that I will get priced out of the market. If I found a resale I like I would not hesitate to buy
I am more curious what your thoughts were on the current economic situation and its effect on home buying and building. Certainly low rates encourage buying, but people may be feeling economically insecure.
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If you could provide 20% equity I'd say do it in a heartbeat, but the risk you face if the economic conditions slow down in your area, the value of your house will decrease and you will have negative equity in your house. If you had some equity, you could handle a little uncertainty, but banks get hella jumpy at negative equity loans.