Good or bad idea??

[floridaorange]

Not what you want to hear, but perhaps find an air bnb lake house that you both really love and tell the owners you want to reserve it for x # of days each year and have that be your retreat until prices come down - is the safer route. Either way, right now is not a good time to buy unless you find something the rest of the buyers have missed - and those are out there but it’s gonna take a lot of time and patience to find one at the moment it hits the market.

[eliphil]

I just found an article on yahoo that suggests the market is about to have a big correction. Look up Chris Vermeulen. He’s talking 30% correction but this is all subjective and conjecture.

[spazzyfry123]

Coincidental, somewhat similar conversation. I recently built a house on a few acres we have that we've really been enjoying. A career opportunity popped up that I am seriously considering, but it's a "hybrid" role instead of my 100% remote that I have now. This would expect me to pop into the office maybe two or three times a week at our US HQ which is about five hours away.

We've been flirting with the idea of a getaway spot a few hours away from home for several years, but haven't pursued it because of life and kids and and and. Now I feel like it could be the push to do so, but now I'm looking to make it a hub for work from as well as a "vacation" spot. It would have me away from the family a few days a week and a few hour drive away.

New job would come with full relo - meaning they would buy my existing house, pack it up, move us, cover closing costs on both ends as well as the new purchase, etc. It's a good gig...but we just built this house. Life happens, we understand. Our situation is particular because I went in on the property with my in-laws so that our kids could grow up with their grandparents. So we're stuck between uprooting that and living full time in the new location or getting the "getaway spot" to also use for a work hub a couple/few days a week for me. Wife is stay-at-home.

I also would pull from retirement accounts for some of the purchase should we decide to do the in-addition-to approach rather than full relocation. I hate the idea of it, but I've also got another 30 years of working ahead...

Anyway, no real ask or anything from my side. Just continuing to the conversation and it felt good to type it out

[JMcLellan]

Originally Posted by eliphil

I just found an article on yahoo that suggests the market is about to have a big correction. Look up Chris Vermeulen. He’s talking 30% correction but this is all subjective and conjecture.

My gut feeling is that housing prices will come down, maybe not everywhere but in some pockets. At some point we will run out of buyers wanting to pay current prices. Even when interest rates come down, I don't think that will hold prices. Overall, with inflation driving prices up on all things at some point more and more people will stop buying stuff.

[JMcLellan]

Originally Posted by spazzyfry123

Coincidental, somewhat similar conversation. I recently built a house on a few acres we have that we've really been enjoying. A career opportunity popped up that I am seriously considering, but it's a "hybrid" role instead of my 100% remote that I have now. This would expect me to pop into the office maybe two or three times a week at our US HQ which is about five hours away.

We've been flirting with the idea of a getaway spot a few hours away from home for several years, but haven't pursued it because of life and kids and and and. Now I feel like it could be the push to do so, but now I'm looking to make it a hub for work from as well as a "vacation" spot. It would have me away from the family a few days a week and a few hour drive away.

New job would come with full relo - meaning they would buy my existing house, pack it up, move us, cover closing costs on both ends as well as the new purchase, etc. It's a good gig...but we just built this house. Life happens, we understand. Our situation is particular because I went in on the property with my in-laws so that our kids could grow up with their grandparents. So we're stuck between uprooting that and living full time in the new location or getting the "getaway spot" to also use for a work hub a couple/few days a week for me. Wife is stay-at-home.

I also would pull from retirement accounts for some of the purchase should we decide to do the in-addition-to approach rather than full relocation. I hate the idea of it, but I've also got another 30 years of working ahead...

Anyway, no real ask or anything from my side. Just continuing to the conversation and it felt good to type it out

So I'm not the only crazy one considering pulling retirement money for a real estate purchase? I vote for having a getaway space for some alone time but that's my bias thinking about being around my in-laws like you are

[RickFLM4]

Originally Posted by eliphil

I just found an article on yahoo that suggests the market is about to have a big correction. Look up Chris Vermeulen. He’s talking 30% correction but this is all subjective and conjecture.

Originally Posted by JMcLellan

My gut feeling is that housing prices will come down, maybe not everywhere but in some pockets. At some point we will run out of buyers wanting to pay current prices. Even when interest rates come down, I don't think that will hold prices. Overall, with inflation driving prices up on all things at some point more and more people will stop buying stuff.

Someone has been saying there will be a 10% - 30% correction for years. But if it were easy to time the market everyone would do it. I’d sell now, rent for a year or two and buy again. Some who decided to wait in 2021 got quickly priced out. Prices have stabilized from the rapid, unsustainable increases we saw for a couple of years, but prime real estate is always going to command a premium price, cash buyers are ready to jump in if the market shows declines and there is still a shortage of new construction relative to needs.

[chassis]

Originally Posted by JMcLellan

So I'm not the only crazy one considering pulling retirement money for a real estate purchase? I vote for having a getaway space for some alone time but that's my bias thinking about being around my in-laws like you are

When is the closing date on the new residence?

[JMcLellan]

Originally Posted by chassis

When is the closing date on the new residence?

Ha. We are just looking at listings right now. Haven't gotten past that step. We have noticed the inventory of cabins about 2 to 3 hours from us are starting to stack up. Expecting some stuff to sit for a while and prices to come down as the colder months approach.

Our local lake where we really want to be has nothing on the market right now.

[spazzyfry123]

Originally Posted by JMcLellan

So I'm not the only crazy one considering pulling retirement money for a real estate purchase? I vote for having a getaway space for some alone time but that's my bias thinking about being around my in-laws like you are

Good news is the in-laws are great. Bad news is that the in-laws are great.