2007-12-03 06:27:24 · 10 answers · asked by burlingtony 2 in Business & Finance ➔ Renting & Real Estate
If you don't need it, wait a few more months (say, until next fall season). The housing market is going down, and the home prices will keep going down (in most areas). There is an excess of homes on sale and very few people buying, and there are still some new homes that are being built. This housing market will take a few more years to recover.
Don't expect your home price to appreciate if you buy this year or next. If you're going to live in it, then don't worry about price going down, as long as you can pay the mortgage on time. However, if you can't pay the mortgage, you'll lose your house. So, when you buy, be prepared to offer really low ball offers. Don't be afraid to give 10-20% below the asking price, and if giving the asking price, ask for more goodies. This is a buyer's market.
2007-12-03 06:45:57 · answer #1 · answered by Think Richly™ 5 · 0⤊ 0⤋
It can be a good time to buy. Do your homework: how long has the house been on the market, what the average time on market in your area, how many houses are for sale within 2 miles, is it vacant or occupied, look for forecostures. Get an appraisal and talk to the person doing it. Find out what the trend is in your area. If prices have drop 3% in the last few months then take 3% off your bid and ask for all closing costs. Most important part is do your homework.
Get prequalified for your loan, make sure it's a fixed rate and the payments are principle and interest (NO INTEREST ONLY)
Good Luck
2007-12-03 14:38:20 · answer #2 · answered by ratherbski 2 · 1⤊ 0⤋
If you can get "pre-approved" for a loan, have a good down payment, don't have to sell your current home, and plan to stick around more than 5 - 7 years, then go for it if you find one you like. The housing market has really gone downhill, so you can get good buys, but it will likely go down further before it is done. However it will eventually come back up (perhaps not to what it was before though) and if you pay for the loan you will always have the house.
If you have the type of job where you could have to move in a few years though, don't take a chance - just rent.
2007-12-03 14:36:52 · answer #3 · answered by mj69catz 6 · 0⤊ 0⤋
The market right now is good and bad. If you buy a house ask yourself are you ready to sell your other for a small amount of money. If you want to gain profit from selling than wait, but if you want a decent house for a low cost go ahead and buy.
2007-12-03 14:36:49 · answer #4 · answered by videogamelover 2 · 0⤊ 0⤋
Yes. The housing market is bad for sellers, not buyers. Housing prices are plummeting. Always offer less than the asking price and see how much the house was actually appraised for. Some owners list their houses for more than $20,000 than they're worth.
2007-12-03 14:37:08 · answer #5 · answered by Jp83 6 · 0⤊ 0⤋
Personally, I feel that the market has about hit the floor. Wait, and it may get worse. But this is about as favorable for a buyer as I think it gets. DON'T get sucked in to making a bigger offer. Right now, they should be begging to get houses sold.
2007-12-03 14:38:42 · answer #6 · answered by benvanzile 4 · 0⤊ 0⤋
everything i read suggest housing will fall further.
i myself would wait.
2007-12-03 14:30:18 · answer #7 · answered by Jerry S 7 · 1⤊ 0⤋
No, you missed it, the best day was yesterday
2007-12-03 14:32:43 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yes buy now.
2007-12-03 14:30:46 · answer #9 · answered by samm519 2 · 0⤊ 1⤋
yes!! buy now!! and please buy mine!!!!!
2007-12-03 14:59:16 · answer #10 · answered by Jeanette 6 · 0⤊ 0⤋