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TruthSeeker | Would you consider buying real estate in a down market? |
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alandra555
 |
I am a home investor, this is the best time to buy. Why would the best be in a up market if you are looking for bargains. You can just about name your own price. The market will be up again in the next 2 years, but right now the banks are taking a beating. |
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TS
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Best time to buy. Take your pick! |
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Real Estate Guy
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Buy low, sell high. Plus interest rates are very low . . . FOR NOW. |
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loanmasterone
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Well let's see what are the pros and cons.
#1 The interest rate is at its lowest in years.
#2 The cost of houses are at it lowest.
#3. This is considered a buyers market.
#4. There are more houses for sale than buyers
I think that if I added all these factors together I would come to the conclusion that this is a very good time to buy a house to include any investment property, and I would purchase a real estate in this market
I hope this has been of some use to you, good luck
"FIGHT ON" |
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answer
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Only if you plan on holding onto it for several years. The way things are now, it will decrease in value between the time your offer is accepted and the time of your closing. |
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Jeffrey C
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It is always good to buy in a down market, but I would really hesitate before buying now.
Where are you considering? If you live in one of the bubble markets on the coasts (Miami, SF, DC, Boston, etc), I wouldn't. If you live in Texas or Ohio, you probably should.
Here is a rule of thumb. Look at what similar houses are renting for. Multiply that number times 120. That is roughly what the house should be worth in a neutral market. If the house cost less, you should probably buy it. If it costs more, I would hold off. For example, a house that rents for $2000 should cost around $240000.
Why does this work? Ultimately, look at it this way, home ownership is a myth and you never really own the house unless you pay cash. You can choose to rent a house or you can choose to rent the money to buy the house with. If you rent the money, you also have to pay other expenses (prop taxes, insurance, etc) that would be paid by a landlord if you rented. There is a borderline at which owning becomes too expensive. There are a lot of calculations that go into this and you can google the subject if you want but 120x is a pretty good approximation.
If you really like the house, the neighborhood, etc. maybe you can go up to 150x. If you think you might move in the next 5 years, don't go over 100x.
You'll see that there are plenty of places in Houston and Cleveland that are selling for about 75x. In San Francisco, it is still (even with the down market) well over 300x.
If you live in a bubble market, you basically have the option to let your landlord subsidize you. You should take advantage of this. |
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arch0049
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Yes, I plan on getting in the market in 12-24 months.
Funny thing is, people say get in when market is up and down. Glad I didnt listen 5 years ago when "buying a house was the only way to get ahead".
I am using this 6 months to pay off the last 5000 dollars of my car loan. Then 6-18 months to save up 15-20K for down payment. Then, goal is to be in a house by summer 2010.
I think the market has a aways to fall. There are hundreds of houses in foreclosure in my zip code. And, hundreds more for sale.
Glad I didn't get in before I could afford it like many of my friends with these subprime loans.
Warren Buffet had it right. The best time to be conservative is when everyone else is greedy(2-5 years ago). , the best time to be greedy is when everyone else is being conservative (NOW) |
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Mrs HarleyBrat
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this is when people make smart buys and you hear 5 yrs later how they made such a "killing" when they sold it It's the best time I've seen to buy in the past 8 years |
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Worldly25
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Over the past 30 some years all 3 houses bought in a down market and sold in a high market. That is how you make money |
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