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Purchasing A Home

J

jlbenedict

Banned
I'm going to be looking into the possibility of purchasing my first home in a year or so...
I know I need to start saving some funds.. What would be the best options? Savings account?? Short Term money market funds or bonds, etc.. ?? I'm lost when it comes to this stuff
 
With rising rates a money market or regular savings account (online, high yield account) is probably the best approach right now. CDs are a bit risky in that the current spread between savings rates and CD rates has been very small so you might get locked into a CD rate that gets passed up by savings rates very quickly (yep, happened to me last month).
 
I'm going to be looking into this as well w/in a year or so. Hopefully I'll have around $25K saved up by the time I start looking. I don't plan on staying around the Maryland area as well because I want to move where its warmer, and the prices around here are ridiculous.
 
I know what you mean about the market in Maryland... i'm in the northern outskirts... up close to the PA / MD border..
I've watched prices rise on mid $200,000 homes, into the high $300,000 and sometimes 400k range.. and this is country, rural areas.. its nasty..
since I work in PA and the Pentagon, I might look into residence in PA as well
 
wow, here in the Bay Area of CA, you can't do sh!t with 25k in terms of purchasing a home...we're looking to move to Castro Valley in CA and i think the houses are around 700k for a decent 3 bed room.
 
I actually enjoy looking for a new home. the scouting out new areas and looking at diffrent homes is fun. Sometimes you see some nice houses and othes you get with green/purple carpet. heh.

 
Originally posted by: jlbenedict
I know what you mean about the market in Maryland... i'm in the northern outskirts... up close to the PA / MD border..
I've watched prices rise on mid $200,000 homes, into the high $300,000 and sometimes 400k range.. and this is country, rural areas.. its nasty..
since I work in PA and the Pentagon, I might look into residence in PA as well
Click to expand...

It's worse where I live. I live in silver spring right near DC.

my 25K I'm trying to save is only for a downpayment + closing costs and all that crap wherever I plan to move.
 
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