My wife (31/F) and I (30/M) live in a mid-sized metros in the NW, and have a nice new townhouse in a great part of town that we bought 3 years ago. The house has appreciate significantly since we purchases it, and would bring in about 40% more in rent than what we pay in mortgage.
We plan on growing our family and expect to outgrow this house in the next 3-5 years. Our plan is buy a second house, and convert the existing townhouse into a rental.
When should we try and do this? The market is crazy in our town right now, but the interest rates are low. Should we wait for a year or two to see if some sanity returns to the market, or should we push on to buy something now. What do the experts think?
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