My uncle's advice about buying a house in 2022 was dead wrong

He told me to wait, that the market would crash by the end of 2022. I listened and sat on $45k in savings while prices in Phoenix jumped another 12%. Now I can barely afford a starter home in the same neighborhood. Anyone else get bad real estate advice from family?

3 comments

3 Comments

sarah81820d ago

Joined the club late myself. My dad swore the 2020 dip would come back and I'd get a deal, now I'm renting a smaller place for more than his mortgage.

the_christopher20d ago

Your dad had that timing backwards for sure.

lunaf6720d ago

Tbh @sarah818 your dad had the timing backwards too. The 2020 dip was already done and prices were climbing before most people noticed. That $45k in savings hurts extra bad when you watch it lose buying power month after month.