My wife and I are ready to buy a house after years of renting. No kids now, but on the horizon (maybe 2ish years). I can't help but feel like a sucker for looking at houses right now.
I live in California, where house prices are insane. Even at the $2.5M range everything needs a ton of work (equivalent houses would sell for like $300k in the middle of the country). Mortgage rates just hit all time highs but prices haven't budged because of low inventory.
Part of me wants to wait it out, but I know that trying to time the market is a fools errand. We can afford the houses we are looking at comfortably but I don't see how the current situation can continue. Eventually, people will die, families will want to upsize, retirees will want to move, etc, and inventory will come back. When it does, the values of home should start to reflect the interest rate.
What do you guys think? I know I can always refinance if rates come down, and that our market is a good long term bet (though I don't consider a home an investment - otherwise I'd prob just be renting and buying elsewhere).
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By the way, if you need student rentals near Queens University, check out Queens Student Rentals at https://axonproperties.ca/student-rentals-kingston/ . They offer various options for student housing, which could be helpful if you're looking to rent in the area.
Good luck with your decision!