When is the best time for us to buy our house?

Question

We have checked out 4 properties this year with our realtor. A friend suggested to hold our plan on buying a property until the end of the year another one suggested to wait towards the end of next year because he said that's when properties will really go down because of foreclosures. We wanted to get the best deal as much as possible for a first time buyer. Comments and suggestions are greatly appreciated.

Considering to buy a house anywhere at Lakewood, Bellflower, Downey, Norwalk & Paramount area in LA County.

Answer 1

where are you?

The market isn't soft at all where I live. so it really depends upon where you are going to buy.

Answer 2

First look at more properties. Then look for ones where the people have either died, are getting divorced, or have to move for their job. Those people want out and fast and will make a deal.

Evaluate the solds in the area carefully, by lower than any of them, and don't get an adjustable rate.

The housing bubble is holding in some areas, and burst in others. There is no way to predict when is the best time. Unless of course you are psychic. Buy when you find the right one. Look at a lot of houses, and think about what you need in a house and what you really want. Dont' get caught up in the fancy things, just the important things like floor plan, living habits, etc.

Those are the things that matter, not the market.

Answer 3

Your friends mean well, but are giving you bad advice. They are making the common mistake of treating a house as a short term investment instead of a home. You need to purchase a house, when you can afford it, and are ready to stay in one.
What many people think is that you have to buy a home like you buy stocks. This only works if you are trying to sell it in a few months. As long as you stay in the home for a few years, you will get your money out of it.
Let's pretend that your friend is correct and house prices go down five to ten % over the next year. You will have saved a few thousand dollars in purchase price, but will have payed much of that out in rent.( Ex.on a 300k house 5% =15k. Rent at 1k a month for 1 year = 12k) You will also be 1 year further behind on a loan than you could have been. And worse, If interest rates go up even .25% you will easily have lost much the purchasing power you had. Not to mention, a good realtor could save you thousands now.
In the long run, it is best to purchase a home as soon as you are ready, stable, and in a position to do so. Just get a good realtor so you get a fair price the first time, and then be happy that you own a home.

Answer 4

If you've got the money already saved and the loan pre-approved then buy as soon as you find the house that you absolutely have to have. Is it really the best deal if it's a house you bought just because the timing is right or the price was right? And in 10 years will it really matter if you paid $250k for it or $270k? Lastly, if the price drops 20k but the interest rates are now 1% higher...did you really save any money?

I guarantee you that any house you buy strictly beause it was a bargain is a house that you will not live in long.

Answer 5

Questions to ask -
1. Are you able to pay for the mortgage?
2. Are you able to pay for the mortgage for the time you're staying there (ie: 30 years)?
3. Is your job stable enough?
4. Will you need one spouse or two people to pay for expenses?
5. How much are your savings just in case the main income source gets sick or unemployed? It is recommended you have at least 3 months worth of savings to pay for your house and expenses.

The interest rates have been relatively low and you can purchase houses for cheap, even good ones at foreclosure auctions. Right now it is a buyer's market, but you need to ask those questions above to figure out whether it is time to commit to a 30 year loan.

Answer 6

I think the best time to buy a house is when ever you can afford one, as stated above. If you find the house of your dreams now, why would you wait? I see you are looking for a house in the LA Area.

I have a 3-unit property in Los angeles on sale. Let me know if you would like more info. on it

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Answer 7

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Answer 8

Don't listen to your friends -- what do they know? You should buy a home when:

You find one you like, in a location you like, at a price you can afford and on terms agreeable to you. Those are the only criteria that really matter.

And the waiting strategy? I don't know. None of us has a crystal ball, and you might end up felling that you "coulda', shoulda', woulda'..."; and that would be sad.