Reena
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It would help to know which area and state you live in.
Let's take California for an example.
In the south even at almost 35% reduction in home prices you still have to make a lot of money, have excellent credit score and a 20% downpayment to be able to pick up a little, tiny house that is probably thrashed by the last owner that got evicted after he went into foreclosure.
If you have the basic requirements by all means go ahead and find yourself a good deal. REO are abundant. (Real Estate Owned).
But that means you have a credit score in the high 700's to 800.
All your credit cards are paid off or at least you haven't used any more than 10% of the available credit limit.
You have all other loans paid off. (car loans, etc.)
You can afford the mortgage - can't be more than 28% to 35% of your gross monthly income.
And you pick a house that doesn't cost more than 3 times of what you make a year.
And you have at least 20% downpayment for that house and another $5000 to $6000 for closing cost, points, inspector fees, etc.
And last but not least - You found a lender that actually pre approves you for the mortgage before you go house hunting... |
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anonymous
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prices of houses (in the u.s.) are down now so now's the best time to buy. |
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a s
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SEE WHAT IS BETTER FOR YOU AND YOUR HUSBAND,MAYBE RENTING A PLACE AND SAVE A LITTLE MONEY THEN TRYING TO BUY A PLACE BY THE NEW YR.SEE WHAT YOU CAN AFFORD AND GOOD LUCK,APRIL
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ord1226
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Are you kidding me, it is a buyers market. At long as you have good credit and can put down 20% you can get a fantastic deal. Check with a Realtor. There are some fantastic deals out there. It might take some time to purchase a foreclosure house that is owned by the bank and on the market by a Realtor firm. Never a better time then now. |
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estielmo
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If you can get a decent fixed mortgage rate and know not to over-buy or over-pay this could be a perfect time if you buy in the right neighborhood. |
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jmmysma
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It is a very good time to buy a house because the houses are cheap and the intrest rates have been slashed. However it might be extremely hard to get a loan unless your credit is pristine. |
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dennisgonzalezdgm
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well i don'tt know by your question what the situation is so i assume you can't sell your house and pay 2 mortgages. In a buyers market you have a high probability of renting the house quicker than selling it. If you have the money it is actually a good time to buy |
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Nancy S
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right now you need to stay right where you are because my husband and I are renting and in hope of buying a home in the next year if things go better... |
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Jen
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its a great time to buy since house prices are lowering all the time. but just beware of the mortgages. Research them so you don't get screwed on the interest rate b/c i doubt that you can get a very low rate right now. |
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Frank
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This is a great time to buy. Interest rates are low and home sales have been sluggish for at least a year with tight credit being one big reason. That creates a lot of pressure on the patience of sellers of new and used homes. I suggest that you and your husband exercise a little bit of patience to keep all the pressure on the seller to get your best deal. Think and tell the realtor that you are ready to, but do not have to move right now.
Also, I would make sure you have a 10-20% down payment because a 3% down payment on an adjustable rate mortgage you can barely afford is a thing of the past because it is exactly why there are so many foreclosures wrecking the banks and in result, the global economy. |
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Life's tough, get a helmet
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now is the best time to do it, everyones trying to sell and theres so few buying that they have to keep lowering prices. if you want to get a house ever cheaper, trying bargaining, it shouldnt be that bad in this market.
however, if you're also trying to sell, you're going to have problems |
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tracymae64
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If you can get financing, it is the best time to get some great deals. |
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mr.treadmill
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It is always a good time to buy a house. Prices may yet decline somewhat in the short term but they will ultimately rise again. In the meantime, you will have a roof over your head, a home to call your own and you will be building equity, even if the prices levels off, as you pay your mortgage.
What would the alternative be? wait until the prices go up and you perhaps can't afford a house? Act now, but look around for a good location. |
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