I'm 24 years old, single, and no children. I am looking to purchase because I am tired of being in an apartment. Should I wait till the market gets better or is now a good time since it is a buyers market? I'm in Michigan. Thanks!
2007-11-06 02:37:46 · 11 answers · asked by hotgirl_rightgirl00 5 in Business & Finance ➔ Renting & Real Estate
Now is a great time to buy a home. As a home owner it is very hard right now to sell one. Since its hard to sell prices are down on buying.
2007-11-06 02:40:27 · answer #1 · answered by Bandit_ 4 · 2⤊ 0⤋
NO!!!!!! There is NEVER a "good" time or a "bad" time to buy real estate. There are only educated buyers who get good deals at ANY time or uneducated buyers who NEVER get a good deal.
IF you are THINKING of buying ANY property based on a "buyers market" then the odds of you getting a terrible deal are great.
Everything in real estate is local. Ever here "location, location, location"?? Michigan is NOT somewhere I would be looking for an investment property. You need to look at YOUR financial situation and then see what options you have instead of paying rent where you are. But here are a few things that you need to take into consideration. Population growth in your area. If the population is going down then the future demand for houses will go down and the value of houses will go down with it. Job growth; same thing. Demopgraphics. Interest rate market. Supply and demand of current housing inventory.
Buying CAN be better then renting but you NEED to have solid financial numbers that justify the purchase AND a plan on who and when you can resell the property to support a purchase instead of "am tired of living in an apartment".
Spend the next year studying the local market factors and building a team of experts that will help you identify what would be a good investment and how to structure it.
Hint; when old ladies are writing books on how they made a "killing" in the stock market, that was a sign the market had topped out. When there are 5 shows on tv a night telling you "how you can make more money in a couple of months then you did all of last year" that is also a sign.
2007-11-06 02:57:49 · answer #2 · answered by Jerrold J 3 · 2⤊ 0⤋
It is definitely a buyers market right now, and you can get the most value for your buck. Just beware of all those foreclosures a little bit. I have heard of a lot that knew they were being foreclosed on and they trashed the house so the bank wouldn't get much from it. Take for example, a friend of mine is woring on a property that ususally would sell for about 200k to 400k range and the guy he's working for bought the foreclosed property for only 30k cus of the shape it was in.
My advice is to get the property inspected by someone you trust, and to go for what you want. If I had the money, I'd be buying right now too. Good Luck!
2007-11-06 02:49:44 · answer #3 · answered by Toledo Engineer 6 · 0⤊ 0⤋
It's a GREAT time to buy, if you've got the credit rating and down payment to qualify for a mortgage, and the income to make the payments. Houses are not selling, so there's a lot to choose from. Some people are motivated to sell or else they may lose the house, so you can get some decent deals. Look carefully, and be sure to hire an inspector to look at the house before you commit to buy it. A good realtor will guide you through this.
One other recommendation - ask your realtor about a buyer's agent agreement. I can't recommend them enough.
2007-11-06 02:45:54 · answer #4 · answered by Ralfcoder 7 · 0⤊ 0⤋
It is a great time to buy. There is plenty of inventory to choose from, it is a buyers market and interest rates are favorable.
If you have a down payment saved and have good credit, talk with some mortgage lenders in your area about a home loan.
2007-11-06 03:17:34 · answer #5 · answered by godged 7 · 0⤊ 0⤋
Oh yes, the housing market is in readjustment right now. There are an awful lot of foreclosures going on. Rates are also coming down.....I would say it is a great time to start looking at houses and the options you want in them
2007-11-06 02:42:06 · answer #6 · answered by mrliteman001 4 · 0⤊ 0⤋
Now Is Not A Good Or Bad Time To Buy Real Estate
http://on-real-estate.blogspot.com/2007/11/now-is-not-good-or-bad-time-to-buy-real.html
2007-11-06 03:04:45 · answer #7 · answered by nigyar_98 2 · 0⤊ 0⤋
Absolutely, the housing market is at an all time low and financial analysts are predicting it will stay that way until 2009. You will get more for your buck right now.
2007-11-06 02:41:29 · answer #8 · answered by Star 2 · 0⤊ 0⤋
NO wait 1 year the housing market is crashing right now the prices are going to plumit so be patient get your credit in excellent shape then buy
2007-11-06 02:45:40 · answer #9 · answered by kellie r 5 · 1⤊ 1⤋
It's a great time...there are a lot of foreclosures right now.
2007-11-06 02:41:01 · answer #10 · answered by rummy1978 3 · 0⤊ 0⤋