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Well...I am not sure we have hit the bottom with house prices...but we have hit the bottom with interest rates...so I would keep that in mind as well! Good luck!
If you can afford to buy, then buy. Many posters are right about the obvious overload of inventory. Plus interest rates have begun to climb up slightly.
Jump in like alot of us did. Be savey..bulders inventory can get you a great house, don't be afraid to make low ball offers, better than resale since builder can afford to take more of a loss than private. You can lose your job in any economy. Good luck!!!
Sheenie - you have gotten a lot of good insight from posters on this thread. I agree. Interest rates will go up and probably go up steadily once the climb starts.
I think JOHN and I might be the old rats in the barn who have posted here . . . and I find it interesting that we both are advising you based on marital harmony - and not really on market conditions. I mention this b/c the Number One cause of marital discord (according to the APA and also at least one attorneys' survey) - financial/money issues.
Although I personally would be buying a house myself if I were in your situation - meaning - had the downpayment and stable job (and my hubby would be in agreement on this, I am sure) . . . I am sticking to my earlier advice - and adding a caveat. If the two of you can come to complete agreement about this - and your stomach is no longer churning - then move forward. Until you are satisfied that this is really what you want to do . . . you and your spouse need to do a lot more soul-searching and discussion.
Again - this is in no way disputing the solid info you have been given by others re: buying a home. Just some food for thought in re: to what can happen in relationships when resentment and anger set in b/c of feeling forced into acquiescing to a decision despite continuing doubts . . .
Thanks everyone for the awesome advice. I think there are other disagreements w/ my husband and I. That we can't agree on that is adding to the fear. He wants to buy more expensive, different locations and much larger than I would like. We are on completely opposite ends of the spectrum on our thoughts of where/how to purchase.
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
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Originally Posted by anifani821
I think JOHN and I might be the old rats in the barn who have posted here . . . and I find it interesting that we both are advising you based on marital harmony - and not really on market conditions. I mention this b/c the Number One cause of marital discord (according to the APA and also at least one attorneys' survey) - financial/money issues.
Which goes against the grain of what we were told when we were all young, that love conquers all.
I agree with Ani and John. Even if I had the means to buy right now there's no way I would, most likely for the reasons that has your stomach in a knot (for the first time in forever I'm actually happy to be renting). Sheenie, nothing against your husband but it sounds like he's so dead set on something that he really hasn't thought through. He seems to have a "this can't happen to me or us" way which can be wildly dangerous depending on the situation. My wife deals with people losing their homes due to unforeseen circumstances. These people have seen their dream home turn into a nightmare that they need off of their hands. That particular disaster could destroy a marriage. For me personally, now is most certainly not the time to jump into a first home. That's just me, I'm not saying "yay" or "nay" here.
It's not like you'll never own a home either. You're not giving up your one and only opportunity to buy. Maybe you're just passing up this opportunity for a much safer and stable one. I'd pay a little more for the stability as opposed to risking it all. I take that mentality to the casinos and the Meadowlands race track, not to the most important investment one could make.
Just my buck fifty ('cause I don't give no two cent advice).
Don't let the fear of home values keep you from purchasing. Real estate is local. Perhaps people that bought next to the airport or Gastonia last year are taking a hair cut this year. However, Union County and parts of Charlotte such as Matthews are holding value. You need to know your area. Also, Case Schiller(A very respected R.E. analysis report) just came out with a report this week. Charlotte increased in value .3% while the other 19 cities declined. Also, the home affordability index is at a historic high and the government is handing out $8,000 for first time home buyers. Foreclosures and unemployment in the Carolinas are decreasing. Mortgage rates are at close to historic lows. Currently our government is printing money like it is going out of style. This will result in inflation, which in turn will result in high mortgage rates. Remember the Carter and early Reagan years? Mortgage rates were at 18%, and it was a result of run away inflation. As monthly mortgages go up, so do rents. You should never let emotions control a business decision, such as buying a house. However, if you have a true reason to fear job loss or your finances are not in order, this is not your time.
Don't let the fear of home values keep you from purchasing. Real estate is local. Perhaps people that bought next to the airport or Gastonia last year are taking a hair cut this year. However, Union County and parts of Charlotte such as Matthews are holding value. You need to know your area. Also, Case Schiller(A very respected R.E. analysis report) just came out with a report this week. Charlotte increased in value .3% while the other 19 cities declined. Also, the home affordability index is at a historic high and the government is handing out $8,000 for first time home buyers. Foreclosures and unemployment in the Carolinas are decreasing. Mortgage rates are at close to historic lows. Currently our government is printing money like it is going out of style. This will result in inflation, which in turn will result in high mortgage rates. Remember the Carter and early Reagan years? Mortgage rates were at 18%, and it was a result of run away inflation. As monthly mortgages go up, so do rents. You should never let emotions control a business decision, such as buying a house. However, if you have a true reason to fear job loss or your finances are not in order, this is not your time.
I read the CS report earliar this week and my heart started to pump before I saw that little (.) before the 3 It needs to look like this (3.) for my heart to pump again.
LOL
je
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