Gerald
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Sammy---you cannot depend on whether it goes up or down. If you find the home you want new or used... You will buy it because you want it. Dear first time buyer--1 !/2% mortage pricing is not the way to go. Make sure you know the terms of the loan. If the prices of homes go down ---won't be far. The 30yr mortage rate is what you want to go down Now some people do not have enough cash---put 21% down and be sure it is right. ---to avoid the mortage insurance. Could run over $100 a month---set by the state. Before you buy used ---always try and buy NEW. New home--furniture--appliance furnace air conditioner--roof--no termite damage-- no used carpet--no smelly drapes --- I have had two new homes and they are what I'll buy in the future.
Absolutely buying new is the way to go--besides that the price is the same. Don't take my word for it check it out.---You'll see.... . |
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beehasitall
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I think that in this day and age, you're better off buying a piece of land no less than 50 miles from the nearest metropolitan city, and build your own home.
You don't have to be an expert to do that, as there are countless books that can walk you through the process, and can buy the materials an places such as Home Depot or Lowe's.
My brother did just that and he lives in a home that could retail several hundred thousand dollars. He built it his own way with little or no interference from municipal restrictions (that's why I suggested at least 50 miles from the nearest city), and has spent less than $10,000.
There are some sacrifices and physical hardships, such as living in a van or a shed while building the home, but it beats real homelessness and you don't have to be a slave to any mortgage companies. Land by itself is considerably cheaper and can be paid off in just a few years. Your home is yours from the very beginning.
There is also the consideration of having to drive very far to go to work and with today's gas prices, it may not be so simple, but as expensive as today's gas is, today's mortgages are far more expensive.
If you really think about it and put some very good planning into it, it is a WIN-WIN situation. |
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John M
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Home prices will not necessarily go down but this is a good buyers market. Look for homes that have been on the market for 30 days or more and make offers that are lower than the listed price. Many sellers that have had their property listed are getting nervous and are very willing to negotiate with serious prospective buyers. The current housing situation is going to be around, most likely for the rest of the year as interest rates are predicted to continue to rise. |
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Terry S
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I think your better off waiting till the end of the year.
Every month I am seeing better and better deals.
Hope this helps.
Whenever you buy ABSOLUTELY lock in a fixed rate.
The interest rates are going to trend, up just like the trended down over the past 20 years.
It's a 20 year cycle going from lower rates, now were in the cycle where rates will be going up.
Esentially the down cycle in bonds over the past 20 years is over.
Terry Smith
http://www.Welcome2Arizona.com |
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PIRANHA
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there was a bit on this subject in the paper yesterday.it said that people seem to have forgotten about the crash in the 80s and people were borrowing more than 3 times their income. madness. i was going to move last year but thought better of it as my mortgage is low at the moment and i didn't want to take on a larger mortgage. house prices are very high at the moment making it almost impossible for people like yourself to get on the ladder.i would put your money in the bank and wait to see what happens |
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sla6262002
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Yes, prices are going to go down. There is so much property for sale, that sellers will have to lower their prices to compete to sell their homes. Its a buyers market right now. Real esate goes in cycles. And when there is too much up for sale then the prices go down. Just like if there was not alot of property to offer, a seller could ask for more money because their is high demand for lthier property. Hope this makes sense. |
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sangreal
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it depends on where you are buying. Alot of markets are falsely inflated right now (Florida) so check the market you are interested in thoroughly. |
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emiss
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in GT.Britain not for the next 30 yrs. |
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Nevada Pokerqueen
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Prices are going down in most locations.
They are up in Northwest and parts of Texas.
But most areas they are leveling off and coming down to allow you a change to get in. It is all suppy and demand. Too many homes are flooding the market and that makes it a buyers market.
The main thing is to ge sure you get a reputable lender. Your bank is the best place to start. Anyone is loaning money now but these loans may not be in your best interest. Find a fixed rate mortgage for first time homebuyers. Make sure you know the company and have checked them out.
Work with a Realtor and get their advice on the best mortage company. Get at lease 3 references and talk to each. You pick the one that is the best deal and makes the best sense. Stay with the big companies.
Look for a home that you can afford comfortable. Don't over extend and get one that will strap you for cash. This should not be your dream home it is just a stepping stone to your dream home. Start small and work up. Never get to attached to a home. Sell it if you can make a profit and move up to larger and better later. That is a good investment. |
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copguy
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I believe now is a great time to buy in metropolitan areas. Home prices are down 100,000 from last year. I will be going to contract on a fixer upper this week that would have gone for 575,000 last year. I will be getting it for 425,000. I will put some muscle and about 50,000 into it. By that time (2-3 years the market will have stabilized and I will be able to sell that property for the 650-700,000 range. |
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zocko
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buy now if you can. You will get the best deal. Use a real Estate buyers agent. Interest rates are on the way up which will give people who are waiting around a reason to make their move. Talk to a mortgage broker and if you find a good rate then try to lock it in. School registration is also getting near. |
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glenn
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I have been in real estate in Texas for 29 years. I just bought a new (to me) personal home. If I thought prices were about to go down I wouldn't done that.
Also, that person above that said always buy new, I disagree with them.
I feel like there is a lot of value in established neighborhoods. Decide for yourself.
I have also read several financial advice books that suggest never to buy a new home. But if you really want a new home and you are going to live there at least five or ten years then who cares. |
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Lindsay Jane
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Its not likely as everyones intense interest in house purchases will keep the prices up. |
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groovydude
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toss a coin. nobody really knows. |
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Alterfemego
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Please do us and our economy a favor, just buy a house. If you want a deal, then buy a tent. Buying a home is quite an investment, would you short change your doctor or dentist to save a buck if they were the only ones to help you? Don't think like this. If you use a Realtor and give him/her a list of your needs, and you find what fits, then make a fair offer. In today's real estate world the prices have fallen, there are some very good buys out there. But use a Realtor who can advise you and make sure you don't make a blundering mistake in buying some deal! |
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My name's MUD
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I think they are likely to go down by 15% in the next 6 months. |
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mysticmaiden2000
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in the uk they say house prices will go down but this means that they will just stay as they are because if prices don't rise by 2.5% it is counted as a fall, so basically i think they wont go down, they will just steady off. |
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turg143
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Price of homes is not likely to go down too much. The interest rates could go up thought which can really affect your mortgage payments. |
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Jeff the drummer
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I believe prices will continue to decline. Having said that, if you find the house you want at a price you can live with, buy it. |
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Pink Laydee
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my advice is to buy now i dont think they'll go down. |
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Morgan M
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Prices are spiraling downward in the Pacific NW. |
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