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I'm neutral on the housing market right now. People buying houses are generally living in them (or renting them), there's very little house flipping like in 2005-06. There's also no interest-only mortgages, so people actually have the cash flow to stay. Rates are probably not going up, but they might come down a little. If they do drop, I think prices will go up proportionately such that the monthly payment is the same either way. New housing is being built, but not fast enough to make a major impact on demand in the near term.
Altogether, I think housing in the US is "fairly" valued on a supply/demand basis at the moment. If we get a recession, prices might dip, but I would be very surprised to see another crash like 2007-09. However, I also don't expect to see prices go up quickly from here other than in response to lower interest rates. So, if I were making a new purchase decision today, I'd be thinking about the following:
Here are some of my major home maintenance expenses from the last 10 years:
Those are the big items I recall that I had little choice in. I also replaced my way past end of life 2 zone HVAC system for about $30k. I could have kept the old one running longer and I could have gotten a cheaper replacement (maybe $22k), but the old system was struggling and couldn't keep the house comfortable anymore. I seem to recall hearing a good rule of thumb is to set aside 1-2% of your home's value every year for major maintenance and that seems about right from my experience.