We want to buy a condo and stay there for 5 years or so--we would like to make some $$ when we sell it---is now a good time to buy---or should we wait a few more months for house prices to go down more? Or do you think they'll go up?
I am clueless about these things...
Thank You
2007-08-02 10:34:47 · 7 answers · asked by GD-Fan 6 in Business & Finance ➔ Renting & Real Estate
Buy now. It is a buyer's market. I feel in 2008 late and early 2009, the market will boom again so you should have some equity. Remember, the buyer's have control on the market so place your bid.
2007-08-02 10:50:09 · answer #1 · answered by punchbug34 2 · 0⤊ 0⤋
It really depends on where you are at.
The best way to find out is to go into some real estate offices and chat with some realtors. Ask them how long homes are typically on the market to be sold. If there are lots of properties for sale, and there are lots of properties that have been on sale for longer than 120 days, then you are in a buyers market.
I'd start shopping now. Just look for a place that you like and has been on the market a long time, especially if the owner house is vacant, so the owner is desperate to sell. Another sign is if the seller has dropped their price on the home recently. You can go in there and make a low offer and pick it up dirt cheap, no matter what they are trying to sell it for.
The key is to be patient. If you find a great deal, go fo it. If not, you will probably start finding lots of great deals over the next 6 months.
2007-08-02 11:10:04 · answer #2 · answered by rlloydevans 4 · 0⤊ 0⤋
If home prices in your area have stabilized, now might be a good time to buy, but ony if they prices have stopped falling.
Five years is on the short end of time needed for the home to appreciate enough for you to make up the closing costs through appreciation. It can be done, but if the home doesn't appreciate quick enough, you'll spend more money than if you just kept renting.
That being said, there are calulators on Yahoo! Finance that may be able to help you decide what to do.
2007-08-02 13:09:40 · answer #3 · answered by mcmufin 6 · 0⤊ 0⤋
In certain housing markets it is a great time to buy. There are many houses on the market and not enough buyers seeking housing, which drives the prices down. In my area, prices are way down and I only see them going up, however at a steady rate, especially over 5 yrs.
It's never too early to start looking.
2007-08-02 10:46:34 · answer #4 · answered by foxfire101 4 · 0⤊ 0⤋
take it from me, the best option is to rent. Unless you live in an area that is constantly building to better the community, RENT! And keep an eye for forclosures and so forth. They help keep values of homes really low around the area. Maintaining your own home is a real pain as well, unless you buy new. If you need more info, email me directly. I would love to help get you familiar with the market and economy.
2007-08-02 10:47:05 · answer #5 · answered by glennfiddich 2 · 0⤊ 0⤋
I heard that next year or so the prices of real estates will drop like crazy. I don't know if it's true. My "friend" who has a weird "job" told me this. I asked him how did he know he just said, "trust me on this." He never tells anyone what he does. Therefore, it must be something very secretive and important so I trust him on this.
2007-08-02 11:10:26 · answer #6 · answered by Mila 3 · 0⤊ 0⤋
likely no
where, where, where ??
one pro who was interviewed in a place i saw the interview said 'not even close to the bottom yet'. he knows when the bottom is close because foreclosures won't be bid on by the mortgage holder, but will begin to go for like 50 cents on the dollar of debt. atm, he's seeing 98% bid in by the mortgage holder at the amount owed.
GL
2007-08-02 10:39:18 · answer #7 · answered by Spock (rhp) 7 · 0⤊ 0⤋