Considering housing crisis at this time, is it a good time to buy a house? Or should I wait? I live in Dallas, TX.
Please help. I will pick the best answer later.
2007-10-16 07:12:52 · 14 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I have no idea about your particular market, but:
If there's more than thirty sellers per buyer in your market, it's a great time to buy a house (the ratio here is almost 80:1).
If you can get a sustainable loan on a property you can afford, it's a great time to buy a house.
If people are begging people to buy their houses, even at a loss, just to stop the damage they are suffering from loans they can't afford, it's a great time to buy.
If everyone else is frightened of buying for no rational reason, it's time to buy.
2007-10-16 09:06:41 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
The best time to buy is when you are ready & have done sufficient research into the market to be comfortable buying. Too many people focus on the money...who can I screw, lets rob some poor buggar and buy a foreclosure. A house is a home for you & your family to grow in, a lifetime investment that in the long term will always be a great investment. Just don't overstretch your finances and enjoy living without pressure.
2007-10-16 08:04:48 · answer #2 · answered by Peter R 1 · 0⤊ 0⤋
Yes this is a good time to buy a house. You have a lot to choose from and the prices are relatively low in some cases. People are losing their homes over this crisis, so why shouldn't you take advantage of that. Just keep in mind that some are already hurting financially, don't hurt them worse by low balling them. Make your best offer.
2007-10-16 07:32:59 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
There are a variety of reasons why one would buy a house, in general - one is investment, and the other is to have a roof on the head... If you are buying it for the latter reason, it is a good idea cos you can get a lot of choice now, since there are more sellers than buyers...
as an investment, short or long term, this is not a good idea...
2007-10-16 07:23:56 · answer #4 · answered by anish k 2 · 0⤊ 0⤋
I wold buy a house now before prices in the housing market go up. I am a relator and alot of people have bought houses around this time becuse of the market so i would just go ahed.
Plus what if another person gets the house your looking at first.
2007-10-16 07:17:26 · answer #5 · answered by Kendall G 1 · 0⤊ 0⤋
Yes, right now it is a buyer's market. Thousands of foreclosures have flooded the market. Therefore, it's a buyers paradise. You can nab high dollar houses for low prices. This goes for both foreclosures and non-foreclosures. Because there are so many on the market it is driving down the prices all over the country.
2007-10-16 07:18:53 · answer #6 · answered by zetty 2 · 0⤊ 0⤋
If you can qualify for a good rate on a conventional loan, then, yes! New and existing homes sales are down and buyers can get substantial savings from prices of even a few months ago. Plus, wit markets set to start to rebound in the next 18-24 months, you do not risk having your home devalue much before appreciation begins again. Good Luck!
If you need an agent in the Dallas/Frisco area, I can recommend one to you-I've referred several of my friends and clients to agents in my companies offices there. Click on my picture and email me if you'd like me to refer you.
2007-10-16 07:37:26 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The experts suggest we are approching the worst housing situation ever in 18 months to 2 years. Mortgage broakers are suggesting waiting until the market hits bottom to protect your assets and your interests. I just met with a mortgage broaker yesterday who said I'd be a fool to buy now, and then risk higher interest rates in as little as 18 months. Unless your willing to deal with a fixed interest rate mortgage, I'd wait!
2007-10-16 07:17:17 · answer #8 · answered by Anonymous · 0⤊ 0⤋
It is a definite good time to become a home buyer. There are many more sellers than buyers making it a buyers market. You are styling if you are a little handy because you could pick up a foreclosure for a song! Good luck!
2007-10-16 07:17:12 · answer #9 · answered by linkus86 7 · 0⤊ 1⤋
It is a great time to purchase a home. With rates pretty low and an over abundance of properties on the market, you are able to make money by bargain shopping. If you don't own, you should!!!
2007-10-16 07:31:50 · answer #10 · answered by bpl 5 · 0⤊ 0⤋