Bonus question: what IS actually a good time vs. a bad time to buy a house, if that is an actual thing?
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When you buy a house, you make an agreement on the price, let’s say $100,000. But, let’s say that in the next year, your area becomes really desirable to live in. Houses comparable to yours start selling for $200,000. You will have bought your house in a “good time”, because you still only have to pay $100,000, but if you choose to sell, you could likely get $100,000 more than you paid for.
In a “bad time” the reverse is true. You bought the house at the peak of hype, and afterwards, prices decrease. Now you’re stuck paying an overpriced mortgage, and can’t sell the house without taking a loss.
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