Looking to Buy a house, is this a good market to do it in?

Question

I currently have a very good job, making over 70 grand a year. I'm looking to buy a house in GA. I have a car and student loan as debts but i'm current on EVERYTHING. My credit score is ok, i'm working on getting it better right now. I know the housing market is cooling off. Is this a good time to be a buyer? And if so, whats the best state to get a nice house for a good price? Preferably the south.

Answer 1

Now is a great time to buy. There are more homes on the market now than there has been over the last 3 years. The inventory of homes was steadily increasing until about 3 months ago and since then it has leveled off. This signals a potential topping of inventory.

With high inventory sellers are competing with each other for buyers, which means they are more likely to sell at a lower price.

I would choose a general location that is suitable for your lifestyle, access to work, hobbies, entertainment, etc. and then start shopping.

Hire a Realtor who will "REPRESENT YOU" that works mainly in the area of your interest. They should be able to show you all the choices in the area and help negotiate the best price and terms.

In summary, there are more homes to look at, sellers are competing for you and hiring a Realtor who can assist you in determining value should make for a good home buying process..

Regards,
Joe Ballarino
http://www.AmerivestRealty.com

Answer 2

It's not a good time yet wait a year.

WASHINGTON, D.C. - Home sales during the rest of the year will be lower than earlier projections as the market works its way through an inventory and price imbalance, according to the National Association of Realtors®.David Lereah, NAR’s chief economist, said the most obvious effect in the near term will be with home prices. “A year ago we had record home sales and tight supply with buyers bidding over the asking price,” he said. “This year sales are slowing, homes are plentiful and sellers are negotiating. Under these conditions, we’ll probably see prices dip temporarily below year-ago levels as the market works through a build up in housing inventory.”

"The run-up since 2000 is completely unprecedented in history"

"This time we've got a national bubble"

"Housing prices have got a long way to fall and the housing industry is going to go through a doubt"

"How big could this be... you're looking at a hit to the economy that is as big.. as the tech bust."

"This is scary"

"I don't have a hard time getting an unemployment rate that rises above 6%."

"It could be pretty bad"

"It's the housing boom that's behind everything (consumer spending, good economy) and I don't think the Bush Administration had anything to do with that"

Answer 3

Depends on what your intentions are, if you are 20something and are currently renting and need a place to live then yes buy something. Even if the market worses (which it will) and your property looses value over time it will certainly go up again, you have what most of us don't. (TIME) I purchased my first home when I was 20something it was 60,000 bucks a small two bedroom 950 sq. ft. place and over the last 23 years it has gone down in value and up in value today that little place is worth more than half a million (california) and since then I have purchased others. I have no personally bought any homes during the past 4 years, but I have been saving every penny just waiting for those great deals that are around the corner (at least 12-30months yet).

Answer 4

It's a buyers market, and I'd recomend that you buy. At least from the Las Vegas Market. Factors such as one of the lowest unemployment rates, constant creation of new work, and limited land to build on maintain the price. There has been and is still is a market correction going on.
To the seller, unless you absolutely have to don't do it and wait. todays market is for the one that negotiates the best. I've had clients literally go to the same model home accross the street because they would pay the closing fees and the others didn't want to work with them.
I can save you as much as 50,000 on a new home if your interested in this area. Please keep in mind that builders have slowed down or eliminated overproduction of homes, and fewer homes have been entering the market (read reports on site, left side) fewer homes emans a tighter market. Consecuently eliminating the surplus.

Las Vegas real estate
http://www.myhomeinvegas.com

Answer 5

I spoke with some agents. Sellers are still trying to hold their asking price. You probably won't get much discount. If you could wait for a few months, you might get a 10% off deal.

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

And a friendly reminder that, both buyer and seller agents get pay when you sign the check for downpayment. Be caucious on what they tell you. Sometimes they play scare tactics making you believe a lot of people are fighting for one property.

Good luck and "good job" on landing that good job. :)

--------------------------------

Rent vs. Buy as Housing Market Continues to Slump

As housing market slump, it is easier to calculate "Rent vs. Buy" scenario. Because "appreciation" is no longer a factor.

Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.

If interests portion of the mortgage payment is roughly equal to rent of equivalent property, then it is a decent buy.

For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month.

Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.

And again, if you like a particular property, then paying more may be reasonable. You are the only person who can decide how much more premium you are willing to pay.

Answer 6

Yes, it is a buyers' market. Winter is the best time to be a buyer. Families with kids are established in schools, so not many are going to move in January.
My sister and her husband recently retired and bought a home in South Carolina. We researched taxes, living expenses and average values. Delaware has the lowest cost of living. But SC had the lowest average sales prices on homes.
They moved to Aiken. Many retirees are moving away from the SC coast because of the heat, humidity, constant winds.

Answer 7

We are quickly moving to a buyers market in Chattanooga TN!

Answer 8

Yeah it is a good time for buyers.
Research the market in your selected area and check on good interest rates. Also look at the resale value of the area you want to buy in.