The following excerpt is from an article by Judy Dutton that was published by Realtor.com on March 6th, 2020. Richard Murdocco of The Foggiest Idea was quoted throughout. You can read the entire piece here.
If you’re tempted to buy a home, make sure to check a home affordability calculator to get a sense of what price house you can afford. Because no matter how low mortgage rates go, “there is never a perfect time to buy,” says Richard Murdocco, who teaches in the public policy graduate program at Stony Brook University and is the founder of the real estate site The Foggiest Idea.
“I am a firm believer in looking at what’s on the market and sticking with what you can comfortably afford,” he says. “Mortgage rates are always going to be a bit of a gamble.”