I'm aware of the existing question
with applications to the UK. This is regarding the U.S., specifically Chicago.
I am looking to purchase a condo - for my own residence - in Chicago (downtown, $300,000-$350,000). I have a great buyer's agent. I know exactly what I want.
I am just worried about all the talk of a housing market collapse...upside-down mortgages...recession.
Am I, an average Joe(sephine) going to get caught up in all this? Is it prudent to wait? If so, how long?
I am currently in a month-to-month renting situation that can continue indefinitley. I'm doing OK on money, and am planning on a 20% down, 30 year fixed mortgage. As of this morning, interest rates from my 3 lenders ranged between 6.32%-6.7%.
Any advice is, as always, deeply appreciated.