Adze
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The forecast is that houses for sale will
go down to 40%,so hang about before
purchasing,it will be a buyers market soon. |
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Kristine
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If you're in the US it's a great time to buy because there is a large selection. It's a buyer's market so you can be as picky as you want to make sure you're getting the best deal for your money. I would say to start looking now. You may not find the house of your dreams right away, as home buying can be a lengthy process, but there are definitely plenty to get a great deal on! |
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josh_c
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If you are buying and plan to stay for a while (i.e. not trying to "flip" the house) then I would say go for it.
Interest rates are great -- they're slightly higher than they were a few months ago, but still at VERY low rates historically.
It is harder to get a mortgage right now, but as long as you are buying within your means and have steady, provable income, you should be fine.
Don't plan on using your house as an ATM, don't get an ARM and don't plan on selling within a few years (or refinancing) and you'll be fine. If you find yourself in a precarious situation come decision time, don't think "I can just sell/refinance in a year or so and get better terms" -- that is why the market is so down right now.
Look for a loan that you can handle without assumptions (i.e. that you can handle the payments for right now, as is, with no problems -- don't "struggle" for a while thinking your income will increase) and if you find one, go for it.
If you find yourself putting alot of "hopefuls" into your forecasting (i.e. hopefully my salary will go up, or the taxes will go down or the house will appreciate and I can refinances, etc) then you should really be wary.
Basically just do the homework that everyone SHOULD do but too few DO and you'll be great -- you'll either be in a house you can afford and love or you'll realize that now isn't the time for you and you'll be thankful you aren't killing yourself to try and force the issue. |
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David S
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This is a GREAT time to buy real estate if you have the money. |
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Jane Eyre
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Where are you? If your in the UK I'd say wait. The prices are currently dropping and after the many years of prices rising and rising I really think this is just the beginning of the house prices moving direction. If you look at the pattern that has gathered over the years it repeatedly peaks and troughs. I think we have just come over the last peak and are heading only one way. |
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billieteacup
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If you are a UK buyer I would wait another 3-6 months as everyone in the industry believes that prices will fall further. There are some particularly good deals on new build houses at the moment, but I think they get better as builders start to panic and are sitting on stock they can't sell. |
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davetumalty
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Hi there, I buy, sell and rent property on a regular basis. I believe house prices are going to get worse (lower) hold out for another 6 months or when the market shows initial signs of recovery. then buy.
If you buy now then prices will still be falling and it will be longer before your price goes back up. But if you buy at the first signs of market recovery then as soon as you buy the property you will have made a proffit
If you look at the average price for home in your area on www.rightmove.co.uk as soon as this average starts going up buy |
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kfrancon
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prices are down, but lending rates are up - you may pay a higher interest on your mortgage if you only have average credit
with good credit and confidence in your ability to make the monthly payments, now is a great time to buy a home - an especially good potential deal is in buying a home near foreclosure. |
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wrinklyone
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hold on a bit longer - prices will drop further before they pick up again, keep your eye on the local market prices and current affairs to judge when prices will change |
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godged
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It is a great time to buy a house if you can afford one.
It is a buyer's market, there is alot of inventory to choose from, interest rates are favorable. |
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blogger
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if you have the funds this is a great time because is a buyers market, prices are low and loan interest is low as well. |
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Indigo1314
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If you are looking to buy your first home then yes in theory however you may find it very difficult at the moment to get a "first time buyer" mortgage and if you do then the rates are unlikely to be very good. Having said this, if you can afford the payments over the next 3-5 years (depending on the term of the initial mortgage) then go right ahead as you will then have the opportunity to renew the mortgage once the market has settled again.
And of course, house prices may be falling at the moment but if you buy now then it is more likely that the house price will increase in the future and you would have made a sound investment.
I would suggest googling "free financial advice" or "free mortgage advice".
Good luck! |
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La La Trixiebelle
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IF you have the money in place,then now is as good as any time.
Lots of sellers around eager to sell,means your in a good position to haggle.If they won't reduce the price,walk away,loads more in the estates agent window! |
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Daniel C
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Anytime is good if you can afford one |
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Little Big Boss
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Yes and you had better hurry because they are predicting a slight upswing in housing prices sometime this month. |
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Tinkerbell
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No,only if you can find a cheap mortgage,which is not possible at the moment.Thats why people are selling there houses as they cannot afford the repayments. |
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OneInAMillion..x
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I thought they were up... |
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