[MeneMeneTekelUpharsin]

My wife and I are getting into stiff arguments about buying a house. I keep telling her it’s gonna crash. You can’t get gainful employment anywhere and she keeps complaining I’m waiting too long. Meanwhile, somehow, prices keep going up and up and up with no basis for it. Blows my mind. Can someone explain HOW people are buying houses now with the economy like it is?

[proxy_user]

While not everyone has a good job and is making money, many people do. You don’t need everyone in the housing market. If not many new houses are being built, the prices will go up.

[buckalfa]

"Can someone explain HOW people are buying houses now with the economy like it is?"

I have need of some minor finish carpentry work at the homestead, but I can find no one who wants the job. That leaves me to believe the economy is booming and everyone is flush with money! (sarcasm).

[grania]

Go back to the old assumptions. If you purchase a house, you should be prepared to live there, perhaps for a lifetime, if it can't be sold. If there's a mortgage, have a plan to pay it off. Second mortgages are insane. Another thing....know what's on all four sides. Nothing can destroy value like a money-grabbing construction project that gets by the community.

Another factor is age. I was comfortable buying a house cash (profits from previous house) at age 60. Ten years later, if I were to move, I'd get what I can for this residence and the next residence would be a rental.