YAHT: Yet another house thread

[TheSiege]

what does this article imply?
Text

does this mean that housing costs are going to decline or that rates are? or both?
im looking to buy sometime after the first of the year and im not too savy on the housing market.

should i wait or not or what?

 

[Mellman]

my opinion is both...

I'm waiting a year, but each geographic market will be completely different...

 

[TheSiege]

im in provo utah if that helps

 

[acemcmac]

if you're in the market, I'd just use it as an excuse to be more fickle about which house you want

Don't delay it needlessly though. Rent vs Equity.

 

[TheSiege]

also, i dont pay rent. my monthly bills are about 150 bucks, and i work 2 full time jobs, 80 hours a week

 

[erub]

Originally posted by: TheSiege
also, i dont pay rent. my monthly bills are about 150 bucks, and i work 2 full time jobs, 80 hours a week

must suck to have to work 80 hrs a week

 

[TheSiege]

Originally posted by: erub

Originally posted by: TheSiege
also, i dont pay rent. my monthly bills are about 150 bucks, and i work 2 full time jobs, 80 hours a week

must suck to have to work 80 hrs a week

yeah it does, big time. but i save a ton of money, and i might as well do it now while i have the time and energy

 

[j00fek]

im waiting 1-2 yrs. the housing bubble has burst

 

[Garet Jax]

Originally posted by: TheSiege
what does this article imply?
Text

does this mean that housing costs are going to decline or that rates are? or both?
im looking to buy sometime after the first of the year and im not too savy on the housing market.

should i wait or not or what?

Housing costs tend to be sticky downward. There are lots of exceptions, but they tend to be in high volume, high demand markets (NY, LA, SF, etc...) which Provo definitely is not.

In general, if you buy now or in 6 months, I would expect the same result in Provo. You will be buying the house at a high price which probably won't go down very much, but probably won't go up very much either over the next few years.

As long as you keep the house for a long time, then you should be fine. If you may need to sell in the very near future, then you may want to think twice about buying (especially since you are living at home or with people who aren't charging rent).

 

[SampSon]

The sky is not falling.

There arn't as many loans being written due to the current wave of new homeowners settling into their new home.

If anything, money is extremely cheap right now, get it while you can.