Me and my husband are currently renting and our lease is up in May. We were thinking about buying a condo/townhouse (we live in Boca Raton, FL). Not sure if we should sign another year on our rental or buy when our lease is up in May. If we rented another year, we would be able to save more money - which means a bigger downpayment. Do you think the market will continue to hold steady? I would hate to wait another year and then see the prices skyrocket (as they did a few years ago), but I would also love to save more money for a bigger downpayment. Just looking for some opinions. Thank you!!
2007-03-04 10:42:03 · 3 answers · asked by hotmomma 4 in Business & Finance ➔ Renting & Real Estate
I should also add that we are looking for a 3+ bedroom - which are selling for around $300,000 and we have about $30,000 saved for a downpayment - if we continued to rent another year we would probably be able to save another $15,000.
2007-03-04 10:45:02 · update #1
I am a mortgage broker based in Florida. I am intimately familiar with the market.
There is really never a bad time to buy a home. If you make a smart purchase and know the area then your going to be fine. Most of the experts say that the rest of 2007 is going to hold steady. We should start to see the market improving in 2008 early. I think if your going to buy then sometime this year is going to be the time to do it. There are so many people out there trying to sell homes that you are virtually guaranteed to have them pay your closing costs for you if you make a reasonable offer on their home.
IF your credit is fair then downpayment isn't that much of an issue. May as well keep your money in your pocket or invest it where you can ear interest on it instead of leaving it sitting in equity in your home.
You can check www.fivestarsmortgtage.com to get daily rates to keep up on when they rise and fall. Be more than happy to help you with financing your hoouse if you decide to buy.
Either way best of luck to you and your family.
2007-03-04 11:24:13 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Funny enough I am a Realtor serving the Palm Beaches (I also live in Boca Raton). According to out stats the Market is excepted to be where it is was (a seller's market) by the end up 2008. Currently, it is a buyer's market and many owners are offering to make incentives to purchases such as paying or partial paying closing costs or updating appliances.
Also- there are many condos/villas/townhomes under $300,000 in Boca Raton. With the new Property tax and home insurance laws coming into effect owning a home is the best way to go. (in addition to building equity..)
If you are a First Time Home Buyer I know a good program that may be able to help you save money. If not I know a great mortgage firm that will give you great rates.
Feel free to e-mail if you want more information either through my profile or my other Y! account: doliverealestate@yahoo.com
Your Welcome
2007-03-04 19:39:21 · answer #2 · answered by plasma71104 4 · 1⤊ 0⤋
I live in Deerfield Beach and I follow the market. There is no reason to believe that the market is going to go up in the coming year.
I contend that the houses are overpriced now and need to be rolled back so families can live here and supply neccessary services to the community.
Watch our legislature for news on property tax reform. That can make a difference, but the houses still are overpriced.
It is your money. The investors are out, why would you be in.
2007-03-04 18:50:50 · answer #3 · answered by The Rabbi 5 · 1⤊ 0⤋