Is it good to buy a house this year?i heard that the house market has been terrible this year.?

Answer 1

It's good to buy a house now. It is not such a good time for homeowners to sell, however. Buying a house now is great, because right now it's called a "buyers market". This is because housing prices have gone down. The property you purchase NOW should only go UP in worth (price-wise) once the "housing bubble" starts to grow again. This is effecting listed houses, not merely foreclosures. This "buyers market" effects each area differently (more or less, depending on your location). Mortgage rates and personal financial situations also effect whether it's the right time for the buyer to purchase a home; but right now, in general, YES, it is a VERY EXCELLENT time to buy a house right now, before housing prices go up again! Homeowners are upset that they have to sell their houses under the house value. What this means is that you can get a really good deal for thousands less. I just bought a house a few months ago, and they knocked 10,000 dollars off the asking price. Why? Because no one would buy at the listed price because the ball is in the buyer's court they had to lower the price of their home if they wanted it to sell... it is a buyer's market RIGHT NOW!. Remember, by low, sell high! Doing so should not only save money for you as the buyer, but also give you pretty solid assurance that your property will only increase in value.

Take a look at this link:
http://www.iht.com/articles/2006/05/09/business/house.php


P.S.- A few years ago, this wasn't the case. Homeowners were selling their houses for thousands over the estimated value of their house. It was greedy and a huge rip-off for buyers. Some who bought houses during that time have NOW had to loose their home to foreclosure (because the mortgage rates forced them). Buying NOW, however, should ensure a great security for your home purchase, and you may also make a nice bundle of money when you go to sell the house you purchase now, in the future. Again, buy low, sell high!

Answer 2

yes true the housing market was terrible this year for sellers but a "heaven" for home buyers. Rather buy now with prices still down then later with prices going up. I don't think you would like to look back in 1 year or 2 and think - this property was on the market 1 year ago for at least 50,000 Dollar less. I should have bought back then.

Answer 3

The housing market is LOCAL. It depends where you are. California, Phoenix, Florida, and Boston are probably bad markets to buy in any time soon. These places, along with some others are the reason for all the bubble talk. That combined with sub prime lending has put many people in a spot where their interest rate has gone through the roof, they can't sell it for what they owe, and are now being foreclosed on. The lenders assumed or predicted that housing trends would continue upwards and ARMs could be refinanced now because the prices would continue to rise.... this hasn't happened in the above markets.

Other markets have been and remain stable with steady, conservative appreciation for many years now --- there are still parts of the country where buying a house now will make you money in 5-10 years.

Answer 4

The housing market does depend on the place and country you live in. The general rule of thumb though is that if property market sentiment is high it is a seller's market. If the market sentiment is low i.e. reports about an imminent housing crash in the papers, people and companies talking about how bad the property market is, it is a buyer's market.
This is because the general public will usually listen to these stories, panic, and try to reduce their losses by getting rid of their assets when everyone thinks the market is "bad". This is a good time to barter with prices/payment terms or make offers of less than the asking price.
Most housing markets are cyclical. This means that there are lows and highs. The trick is to buy low and sell high.

Answer 5

It's an excellent time to buy. The rule of "supply vs. demand" dictates this.

If there's an over-abundance of homes in your marketplace, then it's considered to be a "Buyer's Market", where buyers generally have an upper hand in negotiations.

On the flip side, if you are in a market where there are few homes for sale, then you may be in a "Seller's Market", where often times homes sell for list price or even higher.

If you are selling a home and then buying another, in either scenario, it should be a wash on your total outcome. For example, if it's a Buyer's Market in your area you can expect to come away from your home sale a little tattered and few dollars short, but you should be able to make up that descrepancy when you purchase your next home!

I hope this helps! Good luck in your home purchase!!

Answer 6

The housing market varies around the country depending on where you are. In general, many areas are see 'slow' housing markets, meaning there are fewer sales now than there have been in the past.

If you are buying a house with the plans to sell it in a couple of years or less, or as a short-term investment, you might want to be cautious. However, if you are buying a home to live in for a while, now is a good time to go bargain hunting. Nobody is giving away houses, but with the number of sales down, sellers are sometimes eager to negotiate in order to get the house sold.

Talk with a real estate expert in your area. They will help you figure out what's available in your price range, based on your goals or reasons for buying the house.

Answer 7

Yes at this point in time most are right it is a buyers market, but my belief is prices are still going to go down at least another 10%. As credit tightens and removes even more buyers from the market as seen in todays news of I thing it was American mortgage who specializes in not subprime but Alt-A loans shutting off the funding for millions causes me to believe the correction in the market is still in its infancy. Would watch the market and the news for the next 6-12 months first. As stated I do not believe the market has hit it's total correction as of yet, and think that patience will get you a better bargain.

Answer 8

It's a good time to buy. You will probably get a good deal because sellers are getting desperate. Houses are sitting on the market for a long time. The only downside is interest rates are kind of high now, but you can always refinance later.

Answer 9

I believe the current house market is bad for the sellers and good for the buyers. Mortgage rates are going up and people with mortgages have been going into default at a higher rate. Therefore sellers are having a harder time selling their place.

For buyers this is actually a GOOD time to buy. If you are able to qualify for a mortgage, you will find that house prices have either dropped or at least leveled off. However, you do need to consult a good realtor in your area.

Answer 10

It depends on your personal situation and what market area you plan to purchase in. If you currently have a home to sell, it might be tough. If your goal is to buy up, you would be in a great position. For instance if your home is currently 10% under market value, the home you purchase should be 10% under as well, earning you equity in the long run. Only if you plan on staying in your new home for awhile.

If you are a first time buyer and are currently renting you are in the best position. There are too many homes currently for sale with too few buyers, making you a valuable commodity as well as positioning you with the bargaining power.

Again this all depends on what market you reside.

Best of luck to you!

Southeast MI REALTOR