 Would You buy a house,as a first time buyer, in this market right now? |
I ask beacuse I'm looking at houses, but I'm a little jittery about values being to high.The credit market is looking a little scary too.
At least interest is going down a little.
... |
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 Buying a first home...? |
We are a young couple looking to buy our first home. We have a few properties in mind, but what are some pointers?
-What should I look for?
-What are a few decorating ideas?
ANYTHING..... |
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smoke in the house?
It's on the lease that there's no smoking in the house, but with Febreeze and everything out now, how can I be sure they won't just smoke anyway and ... |
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 I purched a home about 5 months ago and now need to sale!? |
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 Hey I just moved into an apartment and Its extremely noisy Help? |
| Hello, I just moved into an apartment and did a lot of work and spent a lot of money painting and fixing little things around the apartment getting furniture and setting everything up. But so far ... |
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 My credit score is 563? |
| CAN I GET A MORTGAGE?... |
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 Im a single mom of 2 small children and there is a house for sale down the street for 40grand how do i get it? |
| i need a first time buyers loan, maybe a grant, but i dk how to go about it. Im all by myself out here and dont know where to start and dont have alot of money, but i got a decent job. I need a ... |
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| Can a landlord keep my deposit and expect me to pay more after i have moved out and cleaned the apt.>? |
| My landlord expects me to pay above the deposit i gave when i moved in. I cleaned for 5 hours and she says that the place wasn't clean. I had 5 other people helping me clean. the place is ... |
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 Is there a way to sell a home and acreage in Texas without paying a commission? |
I want to sell my home and acreage in South Texas without paying a 3%-6% commission. Is there a way to list it online?
I looked up for sale by owner, but I would still have to pay the ... |
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mwrc09 | Housing Market: To buy or not to buy? |
Hello, I am a 21 year old college student who will be graduating in the Spring of 2009 with my secondary English education degree.
Previously, I had plans to rent an apartment so that I could pay off student loans a bit, and then to buy a house later on down the road (about 25).
But recently I have been thinking about the opportunity of buying a house soon after graduating. I realize that it's a buyer's market at the moment, and I understand that most people are predicting this to be the case for another two years. It would be good to buy now, in some cases, I think.
Now, obviously, I'm not going to go buy a house tomorrow, but I am just entertaining the idea of buying a house sooner than my plans allotted. Any advice or comments from people older and wiser?
Ultimately, I realize that it will suck early on, but the benefit of owning a home will pay off in the long run.
Thanks for your comments!
Additional Details
Also wanted to mention. I know that my purchasing a house is based on the success of finding a good paying teaching job first.
Also, I am single. Wondering how that works into the equation of owning a first home. I will probably wait until the spring/summer of 2010 to buy. |
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♥♥ ~* Just Janz *~♥♥ ║│▌│║▌║™
 |
Sorry this answer is not going to help much, but just wanted to say that I'm in the same position. I've been told it would be a good idea to look for a house/flat now and put a deposit down on it within the next couple years, as I have a graduate bank account and apparently that's an advantage. But I only have about 2 years left before my account changes from a graduate account to a normal account (I graduated last year). I would like to buy a flat in North London, but it is way too expensive at the moment. And also the prices are said to decrease a bit within the next year or so, so I think I'll wait for now. |
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Alterfemego
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Consider this. You really need to know how much you can afford, since you have students loans which are considered long term debt. Talk with several lenders in your area to see what you qualify for now and when the student debt is paid off. You might be better off in the long run, waiting. While prices on property may go back up, I don't believe prices will reach the levels of a few years ago. While it's the american dream to own your own home, it's more important to have a stable financial life. |
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Mommy2Be
|
Investor Report: Spring 2008 "Risk Index"
As a real estate investor, are you risk-averse? Or do you actively look for markets where foreclosures are rampant, bank-owned houses represent a significant part of the local inventory, and all the signs point to more trouble ahead?
--------------------------------------...
With a new master plan in place, called the Framework for Regional Growth, the Buffalo/Niagara Falls, New York region is poised for economic growth as they face the end of the first decade of the 21st century.
Realty Viewpoint: A Perfect Storm For Homebuyers
For those home buyers who see no light at the end of the tunnel, here's a high beam to brighten your way. The economy is so bad, you'll soon be able to pick homes up for a song.
Stop That Check
Hold the phone. Or better yet, hold that $400 billion dollar check the Federal Government is about to mail out to cities around the country to buy foreclosed homes.
Selling Your Home In a Market Full of Foreclosures
Take a look in just about any neighborhood and you may find the sign of distressed times. Foreclosures are on the rise and that can cause a lot of panic for sellers who aren't in the same financial crisis.
Best of luck to you! |
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5324
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Do it!!
Mortgage payment will be about the same, even less than rent and you have an opportunity to build equity on your house.
I guarantee you, you will be much happier in your own house than in apartments where you can complain all you want, but things will not be fixed as quickly as they should be fixed. Also, you could enjoy peace and quiet at your place. At apartments you can hear much of what is going on everywhere around you. Unless you have no neighbors. |
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Marysue
 |
My suggestion: find out what your credit scores are NOW. If you don’t really want to buy for two years, that gives you lots of time to work on it. Chances are at your age, your credit history is limited. |
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William H
 |
I heard it is hard to find a good paying teaching job. If you have the funds and plan on staying in one place for five years or longer, buying will pay off for you. |
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Michael F
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It really depends on where you are planning on buying a house. There are huge benefits... tax write offs, getting in when the market is good (which overall right now it is good) the fact that student loans have an awesome interest rate so they're the ones to keep a balance on if any.
If you can afford a house, than get a house where you can possibly get a roommate if need be. In the long run, no homeowner regrets their purchase.
Also, I have a feeling that it is going to get a lot harder to get a home loan in the near future because of the tons of people who are going to default on their current loans.
If you are stable, and willing to stay in a place at least five years and can afford to get a house i would advise doing so. |
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saberhilt
 |
Several question you might want to ask yourself:
Do you want to live in that location for the next 5-10 years?
Can you come up with the downpayment or qualify for a 0 down loan?
Do you know how Home loans work?
What is the market doing in you area? Prices might be down around the country, but what are they doing in your neighborhood?
Things you might want to do:
Only make the minimum payment on your student loans. Your student loans are some of the best debt you can ever have. Typically they have some of the lowest interest rates you'll ever see. They can help your credit score by showing a long steady payment history.
Think of it this way, it cheapper to borrow student loan money then home moretgae money.
Over the life of your home loan you'll pay the bank roughly 240% of the amount you borrowed (30 year fixed at 6%). 240%!
Meaning that if you bought a 200k home and financed it all, you'd pay the bank $480,000 over that 30 years. Sounds fun huh?
For the next two years a lot of homes will be bought at fantasic prices. Even 2.5 years out will still give you a chunk of savings over market prices of july 07 (in most markets). |
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wuregan
|
Go to the Bank and ask to be prequalified for a loan.
Renting is usually 28% of your gross income.
loans for mortgages (pit) are about 32% of your gross monthly income,
but total debts repayment is 42%, so the amounts you currently pay to reduce the debt on student loans will reduce your ability to pay on the monthly mortgage payment, if greater than 10% monthly.
if the current debts are greater than 10% of you gross income, your typical (pit) 32% will be adjusted down.
add your cash in the bank, term deposit certificates, and money you could save for closing costs before possession
add your cash on closing to the money available from mortgage debt and you have an idea of what you can afford to buy.
you might be able to buy a small one or two bedroom condo or house,
they willl look at the heat and hydro costs.
If you buy a condo or house they will look at the maintenance fees plus the heat and hydro costs. this could reduce the 32% downward.
when they typically factor in 1/3 or 1/2 the cost of heat & hydro and or maintenance for the house or condo the 32% could be adjusted downward.
this will only pay off for you if your student loan repayments are quicker than a rising real estate market.
it only sucks if your total debt repayment is above 42% and the heat/hydro/maintenance cost is high, then you get into trouble.
so you are right it requires careful thinking.
that's for bankng in ontario canada, USA might differ.
(pit) =principal & interest and taxes |
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canes77
 |
I would rent to begin with. Make sure you like your job, get a better feel for how much you can afford to make in payments, etc. You don't want to end up getting something that's more than you can afford. Don't forget to factor in the cost of insurance and taxes. They can add a bundle to your monthly payment.
Keep your eyes open for places that are in your price range and in the area you want to live in. Since you're single, you will have more flexibility in the size you get, etc. You will also have more school district flexibility since you don't have kids. If you find something you like that fits your budget, go for it. If you find a place you like that's a little more than you would prefer, check into getting a roommate to pay a little on rent and split utility costs. Make sure whatever you get you can do on your own even if you're squeaking by at the end of the month. The roommate would only be to ease up the cash flow thing. |
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Roxxie B
|
to buy |
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caribman
|
Buy now, while the market is a buyers market. Take the pain early and reap the gain later.
Small caution - when a single man buys a house, he has to do major renovations when wife comes along, because men do not have sufficient judgement to buy house for women to live in. |
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