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Is Now a Good Time to Buy a Home???

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  • Is Now a Good Time to Buy a Home???

    With interest rates at all time lows and a secure job at an academic medical center. I definitely can afford to, though was not sure if the economy in the midst of this down turn it is best to wait it out or get in now on a house that we really love in a very competitive market?

  • #2
    Originally posted by OrthoSportsDoc View Post
    With interest rates at all time lows and a secure job at an academic medical center. I definitely can afford to, though was not sure if the economy in the midst of this down turn it is best to wait it out or get in now on a house that we really love in a very competitive market?
    What do you mean by secure? Are you still doing elective surgeries? If you're strictly non-operative sports medicine are you still seeing a full clinic load?

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    • #3
      I am surprised that ortho sports would be secure, but of course folks are still falling around the house, getting gamers' thumb, etc.

      I would argue that soon will be an ideal time to buy a house, especially if you have the luxury to wait for the right house, logistics to walk away if deal is not good, and the NW to be comfortable in a time of turmoil.

      Foreclosures and short sales are on the horizon. But now is probably good too.

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      • #4
        I think it’s a good time to elicit some panic selling..

        start low balling those homes on the market and I bet a few are in panic mode

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        • #5
          if you are wondering when the deals will start popping up i think it's early.

          the plural of annecdote is not data but out of curiosity i pulled up my hood on zillow and things look pretty stable.

          i would sit tight and build up some cash. remember that there isn't a single person out there (who isn't an idiot) who thinks things will be better in 2 weeks.

          the housing market is probably going to crash later and recover much slower than the job market.

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          • #6
            Which is too bad cause we also wanted to buy this year.....

            Moving multiple times does not sound enjoyable

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            • #7
              No elective cases, though taking some trauma call at a large academic center. 130 wRVUs on a Sunday will keep administrators happy. Strictly phone and video visits at this point except for some post-ops that need to be seen. Obviously no job is 100% secure.

              Thanks for the advice






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              • #8
                Originally posted by Peds View Post
                Which is too bad cause we also wanted to buy this year.....

                Moving multiple times does not sound enjoyable
                Moving as a couple was annoying but was not too bad. At least it was an excuse to purge and get some new stuff. My wife likes decorating a new place.

                Last year when we moved with 3.5 kids it sucked butt. Basically had to do the whole thing in 8 hours before the inlaws gave back the kids. Still unpacking boxes whenever we have a moment and the motivation.

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                • #9
                  I would not buy right now. Lots of docs are posting about paycuts and furloughs. I would wait out this situation.

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                  • #10
                    Originally posted by OrthoSportsDoc View Post
                    No elective cases, though taking some trauma call at a large academic center. 130 wRVUs on a Sunday will keep administrators happy. Strictly phone and video visits at this point except for some post-ops that need to be seen. Obviously no job is 100% secure.

                    Thanks for the advice
                    The loss of elective procedures and outpatient services is significantly impacting revenue in most hospital systems and physician practices. A RVU with a privately insured outpatient is at the top of the revenue reimbursement pyramid and it's downhill from there.

                    I would just be cautious assuming your 2020 compensation is written in stone.

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                    • #11
                      Depends on your liquidity, IMO. Also depends on the market and what kind of house you're looking for. If you're looking for a deal, I would wait a year. I suspect housing inventory will still be on a shortage, but the number of buyers will decrease, so that could help your cause.

                      This time would be the best time to have enough saved for a conventional mortgage, but maybe take a 5-10% down doctor loan to maintain liquidity (the fancy furniture can come later).

                      A lot of new builds are hitting the market prior to completion. I have a sense that the builders are starting to get anxious in my area.

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                      • #12
                        We just made the move to buy a house. I am 100% positive we got a deal relative to what would have been possible just 2 months ago. Time will tell if we could get a better deal later this year/next year. real estate is local, so who knows what yours will be like!!!

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                        • #13
                          Now is not a great time to make a major financial move of any kind. I do not believe we have seen the bottom: in sentiment, in the housing market, in physician compensation, in the spread of the virus, etc.

                          I guess if you are otherwise independently wealthy, and there is a house you wanted that is now available and affordable and you have the liquidity/credit to take advantage AND you are not concerned that it might be available down the road at a lower price, I would say go for it. If these conditions are not met, I would be cautious about moving forward.

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                          • #14
                            I would be waiting given the global uncertainty. I think that there will be better deals tomorrow but if the perfect house in the perfect place comes along...

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                            • #15
                              As an anecdote, my wife and I are buying a home right now. We locked in an amazing interest rate on March 13th rate on a 15 year fixed loan but are paying out a big chunk of our cash for the down payment. It’s making me nervous if my Salary/cash flow dries up. Closing date coming up next month.

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