Is this a good time to buy house / condo in Conneticut?

Question

or are the prices expected to still come down? Do you think prices of Condos and townhouses will coem down, too?

Answer 1

Prices will come down for a short time... as things ballance out after the current bunch of foreclosures

(people who didn't have the financial responsibility and shouldn't have been given a loan in the first place mostly...)

Then the prices will start going up again... The minimum wage hike series will lead to inflation... (and unemployment...)

Answer 2

Prices may come down further, but they might not, too. There is a wide variation of opinions on this topic and you will drive yourself crazy with all of the market opinions.

I believe now is an excellent time to buy a home anywhere in the US under 3 conditions:
1) You have good credit (700 or over)
2) You don't have to sell a current property
3) You can put money down (at least 10%).

If you have to sell a current property, make sure you get a contingency so you don't get stuck with multiple mortgages.

It is very important to have good credit because if you don't, someone will try to sucker you into a 2-year adjustable ARM with an attractive payment to start.
Then, in 2 years, your payments will double and you won't be able to afford your mortgage or borrow any money (because of the poor credit and limited home equity).
That, combined with people borrowing up to 100% of their home value, is why there are so many foreclosures today.

Answer 3

it is true that the market is adjusting down in most markets. But is is also true that not all markets are falling alot. right now sellers are trying to get rid of houses due to all the negitive suff out there. I would say this look at condo prices from a year ago in the area you are considering. If they have fallen then i would say go for it. the reason being right now sellers are letting homes go for less than a year ago and you can also get seller consessions ( this is where a seller will not only sell at a lower price but will cover up to 6% of your closing costs)
right now sellers are panicing and a huge amount of people are unable to sell. If you are planning to stay in the condo for a few years why wait once the market starts to go up it will surpass what you will pay now!!! dont get caught waiting till it bottoms out cause when it does prices will rise! there are great deals out there still.
If you are looking for an idea of what condos are selling for in your area go to WWW.DirectLendingPlanet.com

you can post a question to the professionals on the contact us button and they will send you via email current prices and past statistics for you to help you decide.

Answer 4

They (the media, market analysts, etc.) have been saying the housing market has been falling for years. It hasn't. Even if they expect the prices to come down, they still may not. If you want to buy a house or condo and the timing is right for you I think you should just go for it. If you wait for the market to be just right you may be waiting forever.
And even if the prices do fall, the interest rates will go up. And if you are mortgaging your home that will raise the price as well.
And, if you are mortgaging your home, be very careful choosing a lender. There are so many schemy shady ones around here.
Good luck. :-)

Answer 5

I'd buy now. Condo prices in Connecticut are still up 2.6% of where they were June of 2006. But, interest rates are climbing (up to 6.66% average in June over 6.26% average in May). I think condo prices will continue to fall, but if you wait, you'll be paying higher interest. Overall in Connecticut, home sales are slowing down. They fell 3.8% in June. So yes, people are having a harder time selling condos, and it's taking longer to move them. AND the trend is expected to continue (so what does that mean?). As interest rates continue to climb, sales will slow even more. There will be more to choose from 6 months from now, and be more deals to be had, but will prices fall enough to make up for the climbing interest rate? If you consider 30 yr interest, what you save by waiting won't be worth it in the long run. Buy now at the lower interest rate, realizing that your home will lose some value over the short term. But it will rebound in the long run. You'll be saving the rent you would have paid anyway, and get a more reasonable interest rate. Your notes probably would work out the same either way, but by buying now that note goes more toward your equity than it does to the bank. Unless of course you plan to pay cash, in which case, wait for the rock bottom prices..

Answer 6

It's a terrible time to buy a house anywhere in the US. Housing prices are going down every month. With huge amounts of liquidity, interest rates have no where to go but up over the next year, so prices will fall farther (because fewer people will be able to afford to buy houses).

Answer 7

their all wrong, buy now, quit paying a landlord and start paying yourself. I bought in 1978 during an economic crisis and was told I was a fool, I now owe $3000 left on my mortgage (second mtg actually) and I bought my house @ $37,500. it is now 30 years later almost and it is worth $275,000. buy now while your young and stay there at least 10 years, you will have equity.

Answer 8

I think it will all come down much more- hold off on buying

Answer 9

yes