Submitted by Aware_Friendship1141 t3_11mgskp in personalfinance
[cross post]
Any and all feedback welcome!
So I am a first-time home buyer, new to the game. I know it's not the best time to buy right now and mortgage rates (30-yr fixed) just rose to 7.1% which is crazy. BUT rent increases are crazy too and I am sick of moving from apartment to apartment to escape from the increases. I figured the only way I can have control over my monthly housing expense is by purchasing a property.
For context, I am 29; excellent credit profile, have about 60k for down payment & additional costs, have an emergency fund, retirement fund, etc.; I work remote so can live anywhere but am ready and able to plant roots in MD (where family and SO are). So overall I believe I am ready.
The important people in my life, half of them think I'm making a mistake; the other half think my rationale is solid. (And then there's Warren Buffett saying something about being greedy when everyone is fearful..) Anyway, I keep going back & forth on this, so naturally I'm taking it to Reddit to get more opinions lol
so, what do y'all think? If there's a different sub I should post this in, please inform as well. tysm <3