now a good time to buy a house?

[iwantanewcomputer]

any clue where market prices are headed? or interest rates? it seems they havent dropped even though the fed cuts rates

any good sites or forums to check out?

 

[JohnCU]

i'd be looking for a house right now if i had $30k cash to put down

 

[rudder]

Still depends on the area. Here in the Nashville area prices have dropped but no where near places like Florida and California. Construction has slowed and builders are offering killer incentives on what inventory they have now. House prices here will not go too much lower. Other places... I would be more cautious.

 

[Tooncesthedrivingcat]

Mortgage rates are not tied to the fed.

Go over to fatwallet.

 

[zzuupp]

Originally posted by: rudder
Still depends on the area. Here in the Nashville area prices have dropped but no where near places like Florida and California. Construction has slowed and builders are offering killer incentives on what inventory they have now. House prices here will not go too much lower. Other places... I would be more cautious.

Exactly, it really depends on exactly where you are.

Generically: Big city = bad ; resort = bad; both = Ouch!

 

[SSSnail]

Next summer.

 

[Christobevii3]

If your rent is more than the monthly cost of a house including taxes, insurance, maintenance, rent, and the higher utilities; then buy a house. If not, reset till this occurs.

 

[JohnCU]

Originally posted by: Christobevii3
If your rent is more than the monthly cost of a house including taxes, insurance, maintenance, rent, and the higher utilities; then buy a house. If not, reset till this occurs.

what if you don't have a 20% down payment?

 

[Tooncesthedrivingcat]

Originally posted by: JohnCU

Originally posted by: Christobevii3
If your rent is more than the monthly cost of a house including taxes, insurance, maintenance, rent, and the higher utilities; then buy a house. If not, reset till this occurs.

what if you don't have a 20% down payment?

you don't need 20%

 

[JohnCU]

Originally posted by: Tooncesthedrivingcat

Originally posted by: JohnCU

Originally posted by: Christobevii3
If your rent is more than the monthly cost of a house including taxes, insurance, maintenance, rent, and the higher utilities; then buy a house. If not, reset till this occurs.

what if you don't have a 20% down payment?

you don't need 20%

thats what everyone says now with the way credit has dried up

 

[Tooncesthedrivingcat]

Originally posted by: JohnCU

Originally posted by: Tooncesthedrivingcat

Originally posted by: JohnCU

Originally posted by: Christobevii3
If your rent is more than the monthly cost of a house including taxes, insurance, maintenance, rent, and the higher utilities; then buy a house. If not, reset till this occurs.

what if you don't have a 20% down payment?

you don't need 20%

thats what everyone says now with the way credit has dried up

I just sold an IP last month and the buyer went 5% down FHA.

 

[Svnla]

Originally posted by: Christobevii3
If your rent is more than the monthly cost of a house including taxes, insurance, maintenance, rent, and the higher utilities; then buy a house. If not, reset till this occurs.

Humm.. not sure it will work in Southern states like TX, LA, AR (areas that I grew up in).

One bed room rent is from $550 to $750. Even a 3 bedrooms apt is less than 1K a month.

A 2000 sq ft home is around $200K or about $1150 monthly.

 

[mrrman]

Originally posted by: savoyboy
now is a good time

totally agreed, its a buyers market

 

[iwantanewcomputer]

FYI i got approved for 200k with 3% down, but credit score was 765. even if it's low i think 5% down is still all you need

you can't compare cost of rent directly with cost of buying...it doesnt account for tax credits, inflation, or the fact that at the end of your loan you own the place outright

 

[IGBT]

..may soften up another 12-15% next year. if "the obama" wins, he'll cause an economic dismal tide. wait till next year. you may need the cash just to live.

 

[IHateMyJob2004]

Originally posted by: iwantanewcomputer
any clue where market prices are headed? or interest rates? it seems they havent dropped even though the fed cuts rates

any good sites or forums to check out?

A home is not an investment. It is where you live. If it is your primary residence figure out what you can afford and buy/not buy based on what you find available.

God, peole treating their homes like commodities is out of hand. You can do that, but you ned to havea 2 year plan (for tax reasons). If you want to invest in real estate, you need to buy/flip in less than 3 months.

 

[IGBT]

Originally posted by: IHateMyJob2004

Originally posted by: iwantanewcomputer
any clue where market prices are headed? or interest rates? it seems they havent dropped even though the fed cuts rates

any good sites or forums to check out?

A home is not an investment. It is where you live. If it is your primary residence figure out what you can afford and buy/not buy based on what you find available.

God, peole treating their homes like commodities is out of hand. You can do that, but you ned to havea 2 year plan (for tax reasons). If you want to invest in real estate, you need to buy/flip in less than 3 months.

..that's why lenders need to establish a standing definition of a "home owner" and require atleat 10 year owner occupancy. Let the property flippers go to Vegas if the want to play with money.

 

[Tooncesthedrivingcat]

Originally posted by: IGBT

Originally posted by: IHateMyJob2004

Originally posted by: iwantanewcomputer
any clue where market prices are headed? or interest rates? it seems they havent dropped even though the fed cuts rates

any good sites or forums to check out?

A home is not an investment. It is where you live. If it is your primary residence figure out what you can afford and buy/not buy based on what you find available.

God, peole treating their homes like commodities is out of hand. You can do that, but you ned to havea 2 year plan (for tax reasons). If you want to invest in real estate, you need to buy/flip in less than 3 months.

..that's why lenders need to establish a standing definition of a "home owner" and require atleat 10 year owner occupancy. Let the property flippers go to Vegas if the want to play with money.

10 years is a bit extreme especially for a FTHB.