Is this a good time to buy a home, if not, when?

Answer 1

IMHO, it is a great time to buy. It is a buyer's market, there is a ton of inventory and interest rates are good. The dots don't line up like this very often. Most of the forecasts predict that interest rates will inch up and the housing market should rebound in 2008, so go find yourself a home!

Answer 2

Depending on how you look at it. I'm a mortgage Broker and my husband's a Realtor & we own a real estate investment company here in FL.

If you talk to a Realtor they will tell you it's great for you to buy now because it is a Buyers Market. In our state there is so much inventory out there and sellers are desperate. So if you think about it like that then it is a wonderful time to buy. Even better is when you buy between the months of Mid September and until the first week of January because every one is usually buying home and/or moving during summer (when kids are out of school) or right after Christmas (because of New Year's Resolutions).

If you talk to a Mortagage Broker they will tell you the rates are high right now and yes you'll get a great deal on a home because the prices are so low but you still be paying a hefty interest rate.

My personal opinion is go for it! :)

Answer 3

Ahhh....if only we knew exactly when the right time to buy was with 100% accuracy, everyone would buy simultaneously. The best we can do is give an "educated guess."

My bet is that it will be between the period of right now until the beginning of '08. The ironic thing is that we won't know where the "floor" truly is until prices start climbing back up!.....Like many other investments.....

My bottom line thinking is "Buy before the Spring of '08" because a healthy job market in places like LV and other Western metro areas will be a catalyst to a small boom in the near future (at least out West in my estimation). Buyers are waiting on the side ready to "jump in" the moment they feel that we've hit that floor or prices inch up.

Answer 4

If you are careful about how much you spend, I think this is a good time to buy a home. The market, particularly in the popular price ranges, has an excessive inventory of for-sale houses, so sellers will tend to be more flexible during a negotiation.

However, it is very important talk in advance to one or more loan officers to determine how much you can reasonably afford to invest in a home, the best kind of loan, and so on. When you do this, make sure you reveal all the pertinent data about your financial condition. One of the reasons the housing market is soft is that many people went in over their heads, attracted by come-on financing that carried adjustable interest rates that have now risen to levels they are having difficulty sustaining.

Answer 5

This is a fantastic time to buy real estate. The brokers have to be getting so desperate with the backlog of unsold homes. Just because we aren't sure exactly when we will hit rock bottom should be no deterrent to you if you have something in mind. Be aggressive with the low ball offers and you just might be shocked how low the sellers are willing to go.

Answer 6

I am in the process of closing on a home, and I got the owner to pay $6500 in closing costs. I have paid $2700- earnest money deposit, home inspection, prepaid condo insurance for 12 months, etc. 4 Years ago I would not have gotten this. My rate is fixed for 40 yrs. My advice is- GO FOR IT! Just be sure to use a well known lender- Bank of America, Wells Fargo, etc.

Answer 7

It's a good time to purchase. It's a difficult time for many sellers. This equals a Buyer's market. Come to North Carolina!

Answer 8

It is definately a GREAT time to purchase, you are sure to find EXACTLY what you are looking for. When there is a BUYER'S Market that is like a 50% off sell in your favorite department store.

Go ahead and buy NOW!!!

Answer 9

Winter So Then When Its Summer It Will Be Time To Move In Or When Ever You Can Move In In The SSSSUUUUMMMMMMMMEEERRRR

Answer 10

its always a good time to buy if you got the money.