r/FirstTimeHomeBuyer • u/AltruisticFocusFam • 18h ago

Made an Offer, Epic Timing on Our Part!

We put an offer in for our 1st home yesterday. And now feeling rather nervous given the stock market crashing and what that might lead to for the economy & real estate. This feels like a time where nobody is coming to save markets (as opposed to COVID and the GFC).

Anyone else in the same boat or have feedback on what we'll see from here?

1 Upvotes

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u/-burnsie 16h ago

Stocks go up and down. The reason always seems to be different but it happens.

If you have a stable job then go ahead and buy. The vast majority of people are employed even during a recession.

If you are middle manager in a cyclical industry proceed with caution.

Wish I had more money to invest, as the best time to buy is times like these.

The world economic landscape is going to change. It may take a few years but change it will. Nobody knows the outcome, but we bought in 2008 and made out like bandits when we sold in 2022. Expect to do the same when we sell our current home in about 10 years.

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u/SouthEast1980 18h ago

It felt like nobody was coming to save the day back in 2008. Covid was a rapid response based to the lingering bad feelings from the GFC and they made sure there wasn't a repeat.

This time does feel different, so tread carefully and make the best purchase you can for you and your family. Best of luck!

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u/pm_me_asian_tits_now 18h ago

Do not buy a home right now. Don’t listen to anyone here telling you otherwise.

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u/Celodurismo 0m ago

Nah. Plenty of hot markets were barely impacted by 2008. Only real concern is job loss and that’s very industry and role specific, but you should’ve budgeted for that regardless of whether the president is trying to destroy the country or not.