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PrinceWalnut t1_ix1gqye wrote

Reply to comment by UltravioletClearance in For people that bought single family homes in Boston or adjacent suburbs since last summer, how much are you paying per month in mortgage, taxes, insurance? by Bostonosaurus

A few reasons:

  1. You probably can't afford it right now
  2. If you can only afford it for a while but not sustainably, you run a big risk of getting foreclosed on before the market normalizes
  3. Your financial situation (credit, etc) might change and refinancing later may not be as fruitful as you think
  4. Your asset is very likely to reduce in value (at least relative to the overall market) if you're expecting prices to drop
  5. Always buy low, sell high, never buy high unless you have to. Even if you're not selling, your heirs might need to.
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