I see lot of houses for sale.
I heard interest rates are lowest.
Is it a good idea to buy a house now?
What do you think?
ya it is good idea to buy a house now.House is the basic necessity donot wait long for it
this is one of the BEST times to buy if you know how to. You want to buy a home for pennies on the dollar. It ensures 2 sure things. For starters, your going to get a property with equity in it. If I were you I wouldn't buy a property unless I was certain that I could get it for no less than 25% market value, that way if prices drop any further you are still secured.
The next great thing is that your interest rate will be dirt cheap. If you can afford to, pay more on your monthly payments and have the extra applied towards the principal. You have to be specific with the bank and let them know that anything you pay over your agreed upon amount needs to be credited towards your principal. It is quite possible to pay off the mortgage in 15 years versus 30 if you work the numbers correctly.
If you know what your doing this is the perfect time to make a fortune in real estate. Don't wait until after the rescission when the market is back up to hear about all of the real estate investors who made a killing. Learn how to work it and make a fortune now!
Best of Luck to ya ;-)
Sure, it literally is a buyers market. Fortunes can be won during these time periods, if you have the extra cash to spend and can get a good bank note.
However, usually at these times nobody has that kind of extra cash.
So it's a catch twenty two.
An excellent time to buy a house! Many loan programs out there to take advantage of; interest rates aren't so bad either.
I think it's a great idea! Real estate is usually a hedge against inflation and I think we're about to enter a period of very high inflation. Of course there is a chance that you might lose some value in the short term, and also you must consider that RE isn't very liquid and if you're forced to sell you could take a hit.
The low interest rates and low prices do make a compelling argument for a home purchase now. If one takes the time to look at the underlying numbers in housing one would be even more compelled.
In my market place home prices have actually been rising over the last year. Up around 4% on average. Above and beyond that the interest rates which have been historically low have been on the rise over the last month and a half. Where one could have got a loan in the low 4% range in November, now it is around 5% and still getting upward pressure from the bond market.
Statistics show that the bottom of the market is in our rear view mirror. Indicators are that the lowest interest rates are also in our rear view mirror. Inventory in our market is half of what it was 5 years ago. There is a lot of pent up demand from home buyers who have been waiting.
There is a feeling among the home buyers I talk to that they have waited long enough. However there is still a reluctance from banks to lend as shown in their very restrictive underwriting standards. Those will loosen up again to a more normal level and when they do the pent up demand will meet with a lack of inventory to create more increases in prices and interest rates.
Best solution if you are thinking of buying a home in the next few years is to buy now. You will save yourself a lot of money in pricing and interest rates.
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It really depends on why you are buying a house. If you are buying because you would like something to live in and to own, I think it would be good. If you are buying a house solely for investment, I don't think it is a good idea.
Now, I am not going to call the market but it could get much worse in some areas.
So a house as something to own and place to call your own is good but as an investment I would say no.
Thanks for your reply and insight.
Whatever you said is true.
There are assumptions like housing market could still get worse.
Wanted to get a feel from other hubbers.
Think about this for a minute. Let's say the market does continue to decline another 5-10% over the next year or two. So, right now we are 5-10% from the bottom. The trouble is you can only see where the bottom is after we've passed it and begun the climb back up. So if you wait then you've missed it. We could be at the bottom right now and prices may start to go up later this year depending on the market you are in. But, if you buy now and prices drop another 5-10% it's the same thing as waiting and buying on the way back up. You're into your home for the same price and if you buy now you'll have the benefit of tax deduction and locking in a low rate which in all likelihood will not stay this low for years to come. Jump in!
I wish I had the cash to put down on a house here in Orlando. The homes down here are going for next to nothing, nice ones too.
But alas I do not. I could sell a network of websites to have the cash, but nobody has the cash do do that!
Now could be a great time to buy depending on where you are. Interest rates are still very low and housing prices have bottomed in many markets.
Agree with Ben Evans. Because there are so many choices in most areas and because interest rates are low, this is a good time to buy a house to live in if you can swing the mortgage payments. I have to take issue with Austinguy's comment, though. Whether prices have "bottomed" or not, no one can know until they rise and don't come down again. With the high unemployment rate, no reason for businesses to hire, huge inventories of unsold houses and increasing foreclosure rates, the risk of falling real estate prices continues. Indeed, the risk of another recession is fairly high.
Do you have the money? Do you have a secure job? Then go for it dude.
Yes. Right now is THE best time to be buying a home. The market goes in waves. Over the past several decades, the market goes down and up consistently. Your house may not have much value at one point, but it's more than likely that it'll raise. Will it raise soon? Quite possibly. But it's best to strike while the irons hot and it's a buyers market.
Time is relevant. Is it a good time? What time is it?
At this moment in time ...
I have money saved for a down payment
I have a house in mind and it is priced right
I have been steadily employed for several years
I believe my job is pretty secure
I am not currently overly extended financially
I have a credit history and score that MERITS a great interest rate
I know the mortgage/insurance/tax payment range I can handle in addition to my current financial obligations
I know people who could say all of the above was true of them, but went through hell trying to get financing. Worst case was a 6 month process on a refi. The couple went through a mortgage broker and two potential lenders before finalizing the deal. The problem came in when the first lender beat down the appraised value of the home. The buyer paid out $300 for an appraisal that originally stated the property value was 145K. By the time the lender got through wearing down the appraiser, the value dropped 25K and the lender washed their hands and walked away. I would have been steamed. They had to get another appraisal and find another lender.
Lenders are doing everything they can to assure THEY aren’t going to lose out if they have to foreclose.
I’m not saying you shouldn’t pursue buying a home in the current real estate climate. I’m just saying have your ducks in a row and be prepared for a possible drawn out battle.
Best of luck!
I'm really trying to save up for a house here in Orlando. The deals here right now are fantastic. I'm even going to try to sell a set of my websites to get the down payment.
You can buy a condo in the heart of downtown Orlando for $35,000. You can get a nice house with 3 bedrooms for $70,000.
I will be very, very disappointed if I can't get the money up to get one before prices go back up.
Anyone know anything about those "rent to own" house deals? Most are not even legal, but are some legit?
Whenever you see the opportunity or necessity and if you are having capacity to mobilise funds that is the right time for you to buy.
You should not analyse much thereafter..
Yes It Is A Good Time To Buy A Home To Reside In And It's A Good time To Buy Investment Property-If You Are In A Lower Price range You Will Still Have Available Homes To Choose From Via Foreclosures & Short sales-Just Remember That Most Of These Homes Are already Priced Below Market And If They Are Newer Listings You Will Have To offer Close To Or At List Price To Get Your Offer accepted-For Investors Their Are Houses And Condos/Townhomes That Would Make Good Rental Cash Flow Vehicles And Sometimes Are Even Flippable(Is That A Word?)But Investors Should Not Expect Huge Flipping Profits But Instead Be looking To Make $30-50,000 In 4 Months Off One Home And Price Homes Aggressively For a Quick Sale.
Interest rates are still low and homes are very affordable. So yes, it is a good time to buy but don't expect the value of your house to rise until 2012 as we have not yet hit the bottom of the housing market.
Yes it is a very good time to buy in some areas like Phoenix or Orlando where house prices are down and mortgage rates are down. But be careful about the price range you buy into. Be sure that you will still be able to make payments and pay off your house when the rates rise.
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