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You know what's funny, is most people were going on and on during the bubble how it was such a great time to buy. Very few talked about how dangerous and risky it was to buy then when prices were shooting up. Now that finally prices are coming back to reality, people are NOW freaking out and saying it's not a good time to buy. It's like where were you a few years back? Those people who bought a few years ago are the ones suffering this bloodbath.
My view is, don't follow the herd.
Just keep this in mind: interest rates are going up. Now, that may not mean a thing to most folks. And it sure isn't a reason to pay more for a house at this point in time than you should! But just keep it in mind . . . perhaps run some scenarios, i.e. . . . getting a house at $300K today at 5% or waiting 2 years and getting a house at $280K for 9%. Just throwing that out there . . . something to factor in when making these decisions.
Ani you're forgetting about those $1800 Section 8 vouchers. Interest rates have no meaning when .gov is footing the bill.
If folks can qualify for a voucher, it is a great deal, lol! Those who are out there making enough $$ to qualify for a home get no help at all - unless you consider the interest deduction on your taxes a big "break."
Seriously... Providence Downs is my favorite neighborhood down there - by FAR. Location, schools, builders (all custom, not tract). It really has it all and IMO is one of the key indicators for the market in Union County. I posted earlier about a foreclosure that went for $325k there just recently. This is the kind of thing I am watching to set the trend for the entire area.
BTW - I LOVE Robin's house... it deserves a buyer!
A foreclosure that went for $325K in Providence Downs?
I guess they'll have to re-name Funny Cide Dr to Sui Cide Dr if those price trends continue!
Just keep this in mind: interest rates are going up. Now, that may not mean a thing to most folks. And it sure isn't a reason to pay more for a house at this point in time than you should! But just keep it in mind . . . perhaps run some scenarios, i.e. . . . getting a house at $300K today at 5% or waiting 2 years and getting a house at $280K for 9%. Just throwing that out there . . . something to factor in when making these decisions.
Excellent point and I've thought about this... In the end, isn't your nut = your nut? You only can afford X dollars per month and the banks will continue to be tight on that. So, if the I in your P&I goes up, then your affordability factor goes down - which will actually stagnate the higher price points even more.
So to me (at this very moment) it's almost a wash. I'd personally prefer to stay in the moment as we're all not sure about anything at this point.
If folks can qualify for a voucher, it is a great deal, lol! Those who are out there making enough $$ to qualify for a home get no help at all - unless you consider the interest deduction on your taxes a big "break."
How about 0% interest mortgage! That would be awesome!!
A foreclosure that went for $325K in Providence Downs?
I guess they'll have to re-name Funny Cide Dr to Sui Cide Dr if those price trends continue!
It had title issues, major ones and could only be sold to a cash buyer. Another one went for a similar price last year but had structural problems.
Most of the good ones are getting multiple offers right now. One last week had 9 offers in 5 days. Banks are pricing them anywhere from $93-110 a square foot. You can't come close to building one for that with the lot costs factored in.
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