I am a married mother and have a mortgage ready to go. I have not gone ahead yet as I really think the market is due for a slump next year, maybe as a follow on from Americas recent dip. But then, one more years rent is nearly ten grand so should I wait or not? Thanks xxx
2007-08-01 07:18:55 · 11 answers · asked by Anonymous in Business & Finance ➔ Investing
I am not only buying a house this year but building one. As long as you plan to stay in your home for a while I say go for it. Make sure you are getting the best interest rate you possibly can (don't be afraid to shop around) and make sure it is a FIXED rate rather than a variable rate.
With the slump many sellers and home builders are offering incentives and lowering their prices. Thus if you get a good deal on a home you have a very good possiblitiy of seeing a return on your investment when you do decide to sell.
If you don't think you will be in your new home for very long I would suggest waiting a while as you don't want to take a loss on your home. But, again, if you plan to stay there, say, 7-10 years I don't think it would be a bad idea for you to purchase a home now.
2007-08-01 08:30:44 · answer #1 · answered by jonny.future 1 · 2⤊ 0⤋
If you buy a house now, make sure it's the home of your dreams and you won't have a problem living in it for another 7-10 years. When you make an offer, make sure you offer 30% less then what's it's worth. Also, make sure you are comfortable making that payment that the lender quoted you and make sure it's a 30 year fixed mortgage. Oh, and wait until the winter to make your offer. People will be desperate to sell there homes then. Good luck.
2007-08-03 10:24:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
As long as you are getting a good price, go for it. The average family stays in their homes 5 to 7 years so if you wait you'll have given another $10k to your landlord and the risk the mortgage rates may not be as favorable as they are now. The people selling you this house are well aware of what is going on, see if they will give you a better deal. It won't hurt to ask. Good luck
2007-08-01 07:28:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I think you will be saving more than $10,000 if you wait a year. The market is horrible right now. In California foreclosures are up 127%. Homes are not selling. People are going to become desperate to see their homes and by next year they will start to accept any offer they get. Thats where you will save money. Just make sure to shop around.
2007-08-01 07:28:15 · answer #4 · answered by Mrs. S 3 · 0⤊ 0⤋
Go ahead...companies are offering lower fixed interest raztes B/C of the slump/mess it is right now and the housing market is so low...Realtors are desperate, so work with them while they are vulnerable :-)
2007-08-01 07:24:18 · answer #5 · answered by brooklyn7582 5 · 0⤊ 0⤋
It depends on the specific trends where you are buying. We are getting ready to buy in Phoenix and I know the Superbowl will help bring the market back by drawing people to the city.
2007-08-01 07:24:28 · answer #6 · answered by Anthony 3 · 0⤊ 0⤋
I'd wait and see what the market does...I don't think we've seen the end of the slump.
2007-08-01 07:23:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It is a buyer's market. With some owners and banks willing to reduce prices by over twenty percent, I would be looking.
2007-08-01 07:38:13 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I'm not sure where you are living, but in general I would say if you need a home, and can afford it now, get it now. If mortgage rates improve later, you can refinance. If they get worse, your fixed rate will look great.
2007-08-01 07:28:10 · answer #9 · answered by ghouly05 7 · 0⤊ 0⤋
Wait.
2007-08-01 08:15:01 · answer #10 · answered by Anonymous · 0⤊ 2⤋