I want to buy house?

Question

I want to buy house but how will I know if it is a buyer's market or seller's market. I want to know if it is a right time to buy house as the house price are increasing daily and also the rent.
Thanks for your answer.

Answer 1

GENERALLY speaking, it's now a buyer's market. Certain areas aren't following that trend. The rate of foreclosures are rising quickly and banks want to get them back in buyers hands quickly and so they CAN be a great bargain.

AND, by the way.......wow! ;)

Answer 2

The media invented the terms "Buyers Market" and "Seller's Market" and they really don't apply in real estate. It's true that real estate is cyclical and sometimes a house will sell in a day and sometimes it will sell in a year. But it really depends on factors independent of an entire market: the price of the home, how well it is marketed, how it shows, etc. and conditions next door or in the neighborhood over may be competely different.

Knowing that, the best time to buy real estate is always NOW! Of course - I'm a Realtor. Truth is however, real estate is an investment that can create wealth simply by using other people's money to own it (i.e. a bank's money).

Forget what type of market the papers say you're in. Find a lender and find out how much home you can afford. If the level of home you can afford isn't to your liking, consider raising funds to buy the right home and in 3 or 5 years, selling it and sharing the profits. But whether its a town house, Condo or house, the earlier you become an owner of real estate, the better off you'll be in the future.

Answer 3

Your killing me here! Honestly! This has been headline news for the past several months! In most major markets it's turning to a buyers market. Though that does not mean it's a wonderful time to invest. There could be a glut of product in your local market, which would make your place just another in the crowd & what makes it so special that someone would want to buy or rent it? If there are ton's of comp's the 1 w/the cash is king.... but it can work against you if your the one waiting for the .... even if it is a renter. If it's so favorable to buy, why rent? This is where you actually have to start doing the math. Work the numbers for every situation. Then you'll have a clearer picture of the finances of any investment.

What is your buying power? Could you be in a better position in a few months? What about your credit, you can swing it up in a few months to reduce your rate, but the interest rate could also go up.

Start reading your local newspapers. Or try watching the local news. Both are huge indicators as to what is happening in a local market. You also might want to try working a bit harder & looking into local sub-markets. Certain area's always have buyers for certain reasons. Other area's always have sellers .....

Definitely do your research or you'll end up the one giving the good "deal" just to get out. Start paying attention to what properties are moving & why. Why are some properties seemingly impossible to sell/rent?

Answer 4

There is really no such thing as a buyer/sellers market...that is just something that people say. I am in the real estate business, and the best time to buy a house is when you know you can afford it. Make sure the purchase agreement states that the seller will pay half of the escrow/ title costs and try to get a seller concession for them to pay a portion of your closing costs.
It is always better to buy than to rent, cause at the end of the day it is YOUR house you are going home to.

Answer 5

lately i've noticed the prices of houses have actually been dropping, but only by a few thousands. Now is a good time.

Answer 6

Hey if you want to buy a home, contact me for a free prequalification. You could always buy a foreclosed home, they're always cheap.

Answer 7

Start by buying A vowel.

Answer 8

if that is really you in the picture, you wont have a problem buying a house.

Answer 9

If that is you in the the picture, I will buy your house for you..