r/Money • u/ImCoyyWR • 29d ago

Is it worth buying a house in 2024, or renting?

25 years old, using my VA home loan. Just curious if it makes sense to buy a home, or wait for the market to subside and just rent?

I’m making 70k yearly, and pre approved up to 240k

Just wondering lol.

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u/damero72 29d ago

Housing prices won't go down anytime soon, except for this winter due to seasonality. Seasonal price changes are normal and happen every year.

Buy now if you see a good deal.

If u buy it later, you will be OVERPAYING for the house because of the competition. It'll be the pendamic market all over again.

The fed will cut the interest rate, which will increase the demand, but the supply won't change that much! Remember when you saw the interest rare go down to around 6% a couple months ago? Competition was so much higher in those months. Imagine if it went down to 4%.

personally idk if it'll ever go down to 3% but going down to even 5% will literally flood the market.

-5

u/JackTwoGuns 29d ago

Lower rates will mean supplies increases, which will bring down prices. The rapid flux in rates is why supply is at a 25 year low right now

6

u/damero72 29d ago

Lower rates increase demand even more

2

u/JackTwoGuns 29d ago

Supply and Demand are fundamentally different….

Rates are high, no one wants to sell their house at 3% to move into 8%, keeping supply low.

Lowe rates would increase supply, lowering the supply side equation.

4

u/gimmetendies930 28d ago

More people are waiting on the sidelines to buy than they are to sell.

There is a huge chunk of 20 and 30 something’s than make just enough to be qualified for 200-400k houses, which depending on area are either non existent or insanely competitive starter homes. If interest rates come down 1-2% those same buyers are suddenly qualified at 100k more.

Prices will surge.