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BrittanyG03 | Do you really think its a bad time to buy a home? |
I'm getting married in June and everyone is telling me that its a really bad time, with the economy and all, to buy a home. Am I being naive or is it really a bad time? If so then what do I do...rent?
06.20.09 |
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daeve930
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Under certain circumstances, this is a great time to buy a house.
But consider your own circumstances.
1. Is your job secure? This is really important. I work for a very big company that's still doing well. But we hear of some department being dumped all the time. Some executive gets an idea for a Six Sigma project, and an entire function of the business moved from Cleveland and Phoenix...for no good reason. The other people are told there's no money for raises. So first think about your own job, and that of your fiance. If one of you gets laid off, can the other one make the payments on his own for a while?
2. Can you really afford a house? In addition to the mortgage payment, there are taxes and insurance to pay every month. What if the roof springs a leak or the hot water heater conks out? Will you have the money to fix it. It seems that if you're paying $700 in rent, and could get a mortgage for that or a little more, you'd be better off with the mortgage. But you do have to consider things like, can if the stove and refrigerator quit at the same time, can I replace them both?
3. Do you want to live where the houses you can afford are located? When I was looking for a house I found that even going $30k over what I could really afford was going to get me a dump. I found a condo in my price range that was a much better choice for me. Use a real estate agent if you're going to buy a house. You'll come out ahead. Buying from a FISBO (for sale by owner) will not save you money, and will probably allow you to make mistakes about things you would have never even considered.
4. Do you have a downpayment? You're much more likely to get a loan if you have a 20% downpayment. Your rate and payments will be lower and you'll avoid mortgage insurance. Mortgage insurance is like shredding money every month. It's for the lender's benefit and does you no good whatsoever. You'd be making better use of that money to just send it to me every month.
5. How's your credit? The lower the credit score the higher the interest rate will be. Lenders will look at all three credit score of every borrower. They line them all up and use the lower of the middle scores. Check your credit reports to see what scores are there, and to find any mistakes. There are mistakes on a lot of credit reports. If you have the same name as your parent or grandparent, your reports will most likely be mixed together; a good reason not to name your kid junior.
6. Yes, renting is one of the other options you have. You could also live wherever one of you is living now. Living with either set of parents or with roommates is usually a bad idea.
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ladyscorpio
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This is a GREAT time for the buyer because prices are being slashed. But it's a horrible time for the seller. Do NOT rent unless you want to continue to make someone else rich! Trust me...owning a home is the BEST investment you'll ever make! |
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Bibs
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It depends on the safety of your job. |
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JB
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Home prices are plummeting around the country. Home sales are down. People are finding it impossible to sell their homes. Sounds like a great time to buy a house. It should be fairly easy to find a deal.
That's contingent on several things: have good credit, have at least 20 percent down, go for a 15 to 30 year fixed, and secure in your income. A traditional mortgage. If you can meet these condition you should be fine. If you can't meet these conditions then rent and save money until you can.
If your looking for a subprime mortgage then renting is probably in your future. It's impossible to get. It isn't any good for your financial future.
Finally - please please please do not buy a home until you are married. Do not mix your finances until then. |
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Red
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Well, here's the thing, as far as the housing market is concerned this is the PERFECT time to buy, housing prices are low as hell and so many people have houses they're sitting on they'll make a bargain like there's no tomorrow!
However, as for the economy, yes it is in trouble and it probably isn't smart to make a huge investment like that. I would only consider buying a house if you have a solid job with a lot of security, look to the future, short of the entire economy completely collapsing, is there still a place for you at your company? If so, go for it. |
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Brian G
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Its a buyers market, its never been better to buy, and its only going to get better.
The bank programs are still there, FHA is the way to go.
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Raven
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It's actually a really good time to buy a home if you have money already saved for one and/or have a tremendous credit rating. People are desperate to sell their homes and if their house has been on the market long enough, they'll settle for a much lower price than originally asked. Get a good real estate agent and look around until you find something you really, really, really like. Negotiate if you can. Make sure you actually qualify to buy the house before you do.
An alternative is going to a foreclosure auction. However, in most of those cases, you have to have the money to pay the house off in full within thirty days of sale. But if you can get a loan to pay for it, with a little luck you might be able to find a great house at a relatively cheap price. Just make sure you know what you're getting into before buying (find a real estate lawyer to help you with the laws in your state and advise you on your best options).
If all else fails, yes, rent a house or an apartment. Try to put some money away for a large down payment on a house you want to buy while you're renting. It'll take some time and a lot of patience, but eventually you'll be able to own your own residence if you are smart. |
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Spork
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This is a great time for first time buyers as the houses are cheap. |
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Jim H
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if i had the money i'd be buying like crazy. |
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I Buy And Sell Houses
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It depends. For some people, this is a great time to buy a home. For others, it's not. Here are some variables:
Stability of job(s) and income(s): If you and your spouse-to-be have reasonably stable jobs with reasonably stable incomes, consider buying. On the other hand, if some of your income is unstable--either because the company you work for might go out of business, cut back on employees, or cut back on hours worked--then be very careful.
Length of planned ownership: Do not buy if there's a chance you may need to move or sell within 3-4 years. That's pretty good advice at any time, but especially today. In fact, assume that something you buy today, you won't try to sell for 6-7 years. Reasons: Prices will decline further. Maybe a little. Maybe a lot. And there are transaction costs involved in selling. Don't get caught having to sell, and owing more than the house is worth.
Value of the deal: Even in today's market, there are overpriced properties. You need to spend, at most, only what the property's worth today. It'd be much better to find a house priced 10%-15% or more under market. A Realtor can run a CMA (competitive market analysis) to help determine the value. Don't rely on online services such as Zillow.
Geographic location: This ties in with some of the factors above. But some areas have been (and will be) much harder hit than others. Areas taking the biggest hits include Southern California, the Las Vegas area, and parts of Florida. The Midwest has fared much better. That's just a broad overview example, but you get the idea. It's safer to buy in a more stable area.
Affordability: Don't overextend yourself. Even if you believe your jobs and incomes are stable, even if it's in a more stable geographic area, don't stretch yourself when buying a property today. Maybe you figure that you could spend $1,500 a month comfortably on a mortgage, but could stretch to $1,800 a month for your dream home. Don't stretch. Keep to $1,500 or less.
So: Take a look at all those factors. If you can work with them, then certainly consider buying. But if one or two of those factors is flashing a warning sign, then reconsider buying. Renting is OK, especially in today's market.
Hope that helps. |
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godged
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I agree with the posters that say if you have a stable job, and are in a financial position to buy, this is a great time.
It is a buyer's market, there is a lot of inventory to choose from, interest rates are favorable. Those sitting on the fence or waiting because they believe all the gloom and doom in the media are going to be sorry they waited a year from now. |
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Terry F
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Yes, I agree with most others that this is a good time to buy a home because interest rates are still low and it is a buyers market.
However, the market is probably never crucial for someone like you when getting married and starting your life together. Your personal situation and employment future for you and your husband are the most important things. The market is of greatest concern only if you are purely and primarily an investor. For you it is about how you want to live.
The last part of your question reveals that you do not want to continue renting because you realize that is not building anything for your future. You want a home of your own so that is the most important consideration right now as long as you and your husband have reasonably secure jobs and income.
The same thing was true when I bought my first home in 1979. Interest rates were high. I paid 12.5% and felt lucky to get a rate that good. But the bottom line is that I wanted to own my home to provide the stable place to raise my children. |
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Iloveshane
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I think the danger is if your job was to be down sized and you would lose your job which could be bad if you bought a home. But really to buy a home prices are lower so it just depends how stable is your employment. |
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Skeptic
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I believe that putting your money into tangible investments is good. It's hard to time the housing market correctly, and house price have been on the down side, and it's hard to predict the future and the cost of borrowing.
Personally, I've taken the chance of buying properties at a low price in the past few weeks. If you can, lock in a low interest rate for 30 years, your risk is lower, however, qualifying can be very difficult right now. If you feel secure in your income, I'd say go for it. |
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Sahara
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It depends on the market. Location. Location. Location. It may be more difficult getting financing. Don't take on more than you can comfortably afford. Study the market where you are looking. Talk to multiple real estate professionals. Do not fall in love with any properties. Be willing to walk away. Have a sizeable down payment.
Where my parents live is booming. Where I live is not. |
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kathy p
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RIGHT NOW BUYERS MKT IF YOU HAVE THE $$$$$ no one else seems too |
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