Wait to buy a home?

Question

We're moving to Florida next year, but i'm wondering if we should wait a couple years before purchasing a home. We have a 2 year old. With the housing market being screwed as it is, would it be better to wait a couple years? Maybe get a condo or rental property?

What do you think. And, we DON'T have A-1 credit, BTW.

Answer 1

Get the credit, pay all bills promptly or ahead of time, save what you can, and then in three years when you buy you will have top credit. Living in the place you are buying is good for credit as is three years at the same job that you cannot show shortly after a move.

Housing will have hit bottom by then and started back up, and you will have a much clearer idea where you want to buy.

Buying any house when you don't know the area very well and specifically is a risky proposition at the very least. By looking over a long period you will be there when the real deal arrives and know it for what it is.

Also buying in an unstable market means that the land will not have a fixed value, a great bargain might be seen as a high price a bit later.

Answer 2

I would rent for a little to build up your credit and to make sure you're there for a while. But not more than 6 months, the housing market is a buyers market now and you can get a good price on a nice property. Just be careful of your mortgage company-stick with a well known national bank.

Answer 3

If you have checked and been approved for a mortgage, then you should look for the home of your dreams. If you locate this home then buy it and enjoy. Remember real estate is like the weather nobody really can be sure at what time things will change for the buyer or for the seller. As you are a buyer then now it is your market don't wait as it may turn back into the sellers market. If you find your dream and feel good about the price then go for it. and the best of luck.

Answer 4

First, increase your credit score in the long run will save you thousand, next save up some money for downpayment and closing again will save you, and in FL prices are predicted to go down another 7-8% so would hold off until not only the market is right, but you are more financially stable, and have a good longer term work record.

Answer 5

I'm no expert, but if the market for homes is in the toilet, the best prices on homes will be now. It's a buyer's market. I don't know if the loans currently available are the greatest, though.

Answer 6

Bonny,
wait and rent while saving extra cash.
housing market is going through 'adjustment' like saving/loan crash of 80's.
visit daveramsey.com tol earn ur hard lessons from others mistakes.
get extra jobs pay off extra bills SAVE cash. look around at areas.
when ur ready u'll have more cash and reserve than now.
houses are hanging anchors when u are broke , in debt, or market adjustment are happening.

Answer 7

We have not yet hit bottom. I would wait one more year before buying. I believe next year the downslide will plateau and will be stagnant for 2 more years before increasing again. At least that's why my crystal ball says.

Answer 8

I'd spend some time correcting your credit. You'll get better rates and lower payments. Become financially stable, THEN make investments.

Answer 9

Why would you wait? to let prices go back up? Prices have come way down and there is a ton of inventory available to choose from. I would feel great about buying now, there are so many potential bargains... http://www.choicerealestate.net/

Answer 10

i would probably start off by renting.