Would You buy a house,as a first time buyer, in this market right now?

Question

I ask beacuse I'm looking at houses, but I'm a little jittery about values being to high.The credit market is looking a little scary too.
At least interest is going down a little.

I'm looking for professional opinions but feel free anyone.

Answer 1

it would depend on where, actually.

I might. I'd rather wait just a little longer though until we see how the market is going to pan out (or is at least less turbulent)

Answer 2

I bought my house at the peak in december of 2005 and since then it has gone down. sometimes I wish i would have waited but look at it this way you need a house no matter what the market is going to do and in the long run it will go up and you will make money. buying property is probably the smartest thing to do and the best investment. I would say now is a good time while it is down and is still a buyers market. it will eventually go back up.

Answer 3

Only buy a house if you can afford one, and if it makes financial sense for you.

You also need to find a house you truly love, and that you feel you can't pass up.

It's a buyer's market right now, so offer what you think a house is worth, rather than anything even near whatever the asking price is. If they don't want your offer, move on.

Buying a house is no magic tonic that will change everything in your life. Sometimes it's not even financially sensible. Take your time, and make sure you're satisfied before you commit.

Answer 4

In most area in the US we have a buyers market. You have a lot of homes to pick from and the prices went down quiet some. Interesst Rates are still low as well. Yes now is the time to buy. Make sure to talk to a lender to see how much your monthly payments will be and get advise which mortgage program is right for you. Then have fun in going "home shopping"

Answer 5

I did, I bought a forclosure, it was appraised honestly at 79,000(not the 92,500 hud said it was worth) I offered 70,900 and after discounts and grants for first time homebuyers I got it for 67,800(that is including the 5,000 I put down but not the matching grant I got) my loan was 62,800 at 6.25 fixed and I got a home I could never have otherwise afforded in a neighborhood where everything is worth about 100-125,000 and with refinishing hardwood floors(almost done did mine with a hand sander so as to not gouge thefloors) putting new tiles in kitchen and bath and various other implements I have spent about 5,000(including a new sump pump, hvac, cleaned vents installed a water heater fixed leaky pipes, used washer and dryer, built in filtration system and lots more small stuff) I still need to replace 4 ceiling fans, 1 front door, put a new screen in back, replace kitchen countertops(we are going to build wood ones and do an oil finish for several months before installation to prevent water damage) replace some kitchen cabinets(I found a place online where I assemble them and finish them and they are only going to cost me about 700 including a pantry) new kitchen hardware and a stove, already have a brand new fridge. the basement is waterproofed, insulated and studwrok is done along with a bath in basement started, seriously buy if you are not in a big city I live in iowa by the way 30 min from des moines. good luck it was the best thing we ever did

Answer 6

If you are young enough and just starting your carrier then you must go for house as you have a very less burden on your shoulder. You will easily able to pay EMI. Holding a house is definitely going to provide you a separate identity. I can say you are thinking beyond yourself i.e for your family and generation to come. House is a superior among all gadgets you buy in your life. At last I can say the choices you make, define the person you are. If you are not a self centered person the definitely go for house as it will serve for generation to come.

Answer 7

As a whole the real estate market is constantly appreciating. There is not a better investment than your first home. Just do your homework on the properties in the area and you should be fine.

Answer 8

Well actually yes...The market is good for buyers right now...YOu can find cheaper houses but the market is not good right now for sellers.So yes buying a house right now is actually a good deal.

Answer 9

Rates are historically low!! Home prices are falling!! It is definitely a buyer's market. You can wait to see if rates and home prices fall a little more. (if I knew that, I'd have my own island in the Caribbean!

Answer 10

go for it the time is right you can pick your own place and bargin on the price because there are so many on the market go for it dude