Making the assumption that one has good/excellent credit and can actually get a decent loan, should I look at buying a house now or in 8 months? I know that buying a house is always a "great investment", however that doesnt necessarily make the decision a whole lot easier. Anyone want to share their opinion?
2007-08-29 05:59:49 · 5 answers · asked by Dumbfounded Homebuyer 1 in Business & Finance ➔ Renting & Real Estate
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2007-08-29 06:03:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It depends where is S. CA. The housing market is worst in LA and San Fran/San Diego. CA is ranked in the top 3 in prices being higher than values. I would wait simply b/c we are slowly changing back to the buyers market, but we haven't bottomed out yet. You will start seeing many more foreclosure sales in the next 6-8 mons. If you have a house in mind, by all means ck it out, but do your research on the property appraisers website for that county and the tax assessors site. Make sure the value has increased over the last several years, though that will make prop taxes raise. Also makes sure the assessed value is comparable with the just market value and the list price. If you are buying for investment purposes, residential is not the way to go right now, net leased commercial properties are the right ticket in this market. If you are buying to live there, well, only you can make that decision.
2007-08-29 06:09:16 · answer #2 · answered by mamak2327 3 · 0⤊ 1⤋
Although yes it is a buyers market now, things will get better for the buyer in the next 6-12 months as more ARM's come to fruition. As I predicted months ago the subprime market was just the beginning and that prediction is coming to pass. Alt-A is starting to disappear as more are going under, and even the prime market is being affected, or predicted to be affected soon. This is the beginning of the bursting of the bubble I believe it has another 12-18 months to go.
2007-08-29 10:28:32 · answer #3 · answered by Pengy 7 · 1⤊ 0⤋
It is now a buyers market. This means that houses are sitting longer and the buyer has greater room to negotitate.
House may still go down a little, but you are also gaining the tax advatanges of home ownership now instead of paying rent to someone else and getting nothing in return.
2007-08-29 06:06:39 · answer #4 · answered by Tim 7 · 0⤊ 0⤋
YES! With how low home prices are you'll be kicking yourself if they go back up and you missed out. And If you are a first time home buyer there are more programs out there than ever before to get you in with low payments and no money down. These programs are not adjustable and do not have any pre-payment penalties.
Being nervous is normal, everybody is when they decide to buy their first home. But if you can afford it comfortably, I definitely recommend doing it sooner rather than later.
Alex Myers
Founder
The Free And Clear Team
(877) 428-3328
2007-08-29 07:42:57 · answer #5 · answered by Alex Myers 2 · 2⤊ 0⤋