Need a house, trying to time it
We have a 6 to 12 month window of paying down bills and getting a mortgage. Currently we are renting but we can walk at any given moment, our lease is with a buddy who is okay with us leaving when we do.
Interest rates are low compared to what I was used to years ago and there is a fear of them rising so I would like to know what your opinion is on how much they can rise in that time frame, reasonably. Is 1% a reasonable number or could it be more based on what?
Next is supply. Supplies are tight right now. Renters aren't moving, they aren't even paying their bills. But there will come a day when the eviction prohibition is over and landlords who are renting houses to people not paying will kick them out. But these landlords haven't been paid in a year and they're just waiting to kick people out so they can sell houses that they can no longer afford. I expect within a month or two of the eviction prohibition being lifted many many houses enter the market there by driving the prices down and popping the bubble. Right now there are houses being advertised as the landlord's dream. You have tenants who are paying the rent according to the ads. That means we can't move into them and at any given moment the tenant can stop paying the rent and you can't get them out.
Based on M's nursing position we have to be within a reasonable commutable distance to a major city that has a decent amount of nursing homes which in turn offer choosable employment. So remote office worker working at home location in the sticks does not work for us. Currently we are 10 minutes out of Denver. We need something large enough that can be split into apartment for M Junior and boyfriend and another area to put M's father into when he decides to live with us someday.
And M hates the concept of neighbors. If she could find something 30 minutes out with a bit of land she'd much rather have that than a townhouse 3 minutes from work. and I'd really love a barn that I could turn into a wood shop. So if anyone wants to start googling properties and send them my way feel free.
Is this a reasonable viewpoint? What am I missing?
Interest rates are low compared to what I was used to years ago and there is a fear of them rising so I would like to know what your opinion is on how much they can rise in that time frame, reasonably. Is 1% a reasonable number or could it be more based on what?
Next is supply. Supplies are tight right now. Renters aren't moving, they aren't even paying their bills. But there will come a day when the eviction prohibition is over and landlords who are renting houses to people not paying will kick them out. But these landlords haven't been paid in a year and they're just waiting to kick people out so they can sell houses that they can no longer afford. I expect within a month or two of the eviction prohibition being lifted many many houses enter the market there by driving the prices down and popping the bubble. Right now there are houses being advertised as the landlord's dream. You have tenants who are paying the rent according to the ads. That means we can't move into them and at any given moment the tenant can stop paying the rent and you can't get them out.
Based on M's nursing position we have to be within a reasonable commutable distance to a major city that has a decent amount of nursing homes which in turn offer choosable employment. So remote office worker working at home location in the sticks does not work for us. Currently we are 10 minutes out of Denver. We need something large enough that can be split into apartment for M Junior and boyfriend and another area to put M's father into when he decides to live with us someday.
And M hates the concept of neighbors. If she could find something 30 minutes out with a bit of land she'd much rather have that than a townhouse 3 minutes from work. and I'd really love a barn that I could turn into a wood shop. So if anyone wants to start googling properties and send them my way feel free.
Is this a reasonable viewpoint? What am I missing?
