2006-12-11 13:25:29 · 10 answers · asked by broken heart 2 in Business & Finance ➔ Renting & Real Estate
If it is for your primary residence, I say yes. America has the strongest economy in the world. If you buy a place today in 5 years, it will be worth more.
If you wait, most likely you will pay more. Also 30 year mortgages were at 6.11 % last week. The average is 11% historically. Times are good. There are also many tax breaks you get for owning that help reduce payments.
A good book is "Rich Dad, Poor Dad". You can look it up on amazon.com. There are some interesting concepts found there.
Good luck!
2006-12-11 13:31:51 · answer #1 · answered by farmhand 2 · 0⤊ 0⤋
If you're planning to keep it for several years, yes. Real estate has its ups and downs (and where I live we're still going down) but it always goes up overall. Like the house your grandparents bought for $32,000 in the 60's that's now worth $257,000! Plus you can probably offer less than the asking price and have the seller give you things like money for closing costs or $1000 for a new stove. When the market is hot you can't do that.
But if you are going to move in less than two years you'll be hard pressed to make a profit and might even lose money. If there's a wedding, baby, or job transfer on the horizon it might be wise to wait a little longer.
Keep in mind that if you are getting reamed in taxes if you don't own property and even if your investment doesn't skyrocket immediately at least you can take a huge deduction by owning a home. You might be spending more each month on a mortgage but at least you get some of that money back. With rent you just throw it away every month.
2006-12-11 23:49:45 · answer #2 · answered by operababe_61 3 · 0⤊ 0⤋
I don't know what part of the country you are in but in the New England it is a buyers market for sure.
Although house prices have gone down interest rates have gone up some.
I do think that it is great time to buy and you can negotiate the price a lot easier now then a few months ago.
2006-12-11 21:30:23 · answer #3 · answered by Heather 5 · 0⤊ 0⤋
It will depend on which part of the real estate cycle it is at. A good time to buy a house will be when its price is expected to continue to go up in the next few years. As for the US, prices now are deemed to be high, coupled with news that it may be heading for a recession in the near future, it MAY not be a good time to buy a house now.
2006-12-11 21:50:54 · answer #4 · answered by Alfretz T 3 · 0⤊ 0⤋
It's almost midnight! I don't think anybody is selling houses at this hour. Although, your competition from other buyers would be pretty low, so maybe it is a good time.
The best deals I've sold have been between Thanksgiving and New Years. Buy in winter, sell in summer.
2006-12-12 00:35:15 · answer #5 · answered by teran_realtor 7 · 0⤊ 0⤋
Depends where you want to buy a house at? You must consider property taxes besides a morgage payment as well as maintenace and utilities for the house which you will obviously have to pay %100 yourself. When you rent all you need to worry about is the rent payment and any utilities your landlord doesn't pay for.
2006-12-11 21:35:42 · answer #6 · answered by rpookycath 2 · 0⤊ 0⤋
Wait 8 months to a year if you want to buy at the bottom. The stuff is still going down. Keep an eye on the defaults this is a good indicator.
2006-12-11 21:29:32 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Buy now while sellers are desperate and interest rates are down. Who knows what will happen this spring and summer. I do know that people tend to buy that time of year and there will be more buyers out there at that time then there are now.
2006-12-11 23:39:37 · answer #8 · answered by jassy 3 · 0⤊ 0⤋
Excellent, as long as you don't need to sell one first.
2006-12-11 21:30:52 · answer #9 · answered by Papa John 6 · 0⤊ 0⤋
NO
http://www.breakingbubble.com/index.htm
2006-12-11 23:05:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋