[Konig1985]

I am sure I will get flamed for this but I'll just rent a cheap condo and buy when my kid is ready for school. Why pay taxes that your kid won't use until 4 years later? With current price trends prospective buyers are renting now to wait out the eventual bottom of the market.

[Stratford, Ct. Resident]

^^^^^^OMG, does anybody know how to decipher what the OP posted?

$1.5-2.0M Housing Budget

OP apparently lives in the Woodlands right now.

The OP doesn't want a cheap condo, doesn't want a $2M house that is surrounded by 600K houses on a quarter acre, doesn't want a home that is miles away from shopping/restaurants.

It's called "Lifestyle". You folks don't seem to be grasping the concept.

/rant.

[Stylo]

There's a problem being surrounded by $600k houses?

(Assuming they get their acre+)

[Stratford, Ct. Resident]

Originally Posted by mkiv808

There's a problem being surrounded by $600k houses?

(Assuming they get their acre+)

White elephant?

[JayCT]

Originally Posted by Konig1985

I am sure I will get flamed for this but I'll just rent a cheap condo and buy when my kid is ready for school. Why pay taxes that your kid won't use until 4 years later? With current price trends prospective buyers are renting now to wait out the eventual bottom of the market.

Gee, do you have a cyrstal ball that tells you when the market will "bottom out"? In truth no one knows if we are at the bottom or not. It is impossible to time the market to get the lowest price. I have found that it is best to just buy when you are able and hold on to the property for the long term. Right now prices and mortgage rates are low. If you are ready to buy and stay for at least 5 years you should be fine. But if you are planning to sell sooner or are the type of person who gets nervious if prices go lower than you paid even if it is just for a short period of time, then rent. Maybe even consider never being a homeowner if you get that nervous about it. Jay

[Konig1985]

Originally Posted by JayCT

Gee, do you have a cyrstal ball that tells you when the market will "bottom out"? In truth no one knows if we are at the bottom or not. It is impossible to time the market to get the lowest price. I have found that it is best to just buy when you are able and hold on to the property for the long term. Right now prices and mortgage rates are low. If you are ready to buy and stay for at least 5 years you should be fine. But if you are planning to sell sooner or are the type of person who gets nervious if prices go lower than you paid even if it is just for a short period of time, then rent. Maybe even consider never being a homeowner if you get that nervous about it. Jay

What you said is true especially in Asia because schools are not funded by exorbitant property taxes. In America an expensive home = exorbitant property taxes. Sure nobody knows when the market can bottom out but I can say the eventual recovery is not going to be like in Asia where real estates are a prime investment asset for liquidity to flow in and buyers have tonnes of savings to prop up prices to pre-crisis level in under 2 months. US market will have to adjust to new lending standards for awhile. There are exceptions however - if the OP is looking at exclusive areas with established international presence then trying to time the bottom may be risky as he has to compete with cash rich buyers when market turns.

Since the op is not buying a house for school purpose yet - really why waste $ on spending exorbitant taxes that are used for schools? Unless they can find that dream house in that dream location (which my mum did from her perspective) then definitely its a great time to buy because that dream house may appear at the right price, right location once every 3-4years. If its simply because a baby is about to be born and buying that final house sounds like the natural thing to do - I feel it isn't the best financial move now.

[Konig1985]

Originally Posted by mkiv808

True, but I guess if I was in their shoes and didn't have to commute to NYC every day and just needed to be in striking distance to major airports, I would pick a town that offers the most for the money, pocket the rest or live in an amazing house. You could do that in a town like Fairfield or Woodbridge. New Canaan, Westport, et al are priced the way they are for commuting proximity (and exceptional schools, but that can be found elsewhere without the price tag). Without a commute, it doesn't seem worth it to me.

+1 about not worth paying for a good commute town when you dont need it.

however if the op insists on spending the budget New Canaan still sounds the best choice to me.

[StepRN3]

Statford, CT Resident couldn't have said it better, I feel like he knows us. We don't want to buy a $2M dollar house in a neighborhood of 600K houses because the house wouldn't be as good as of an investment that way. Plus, we want shopping/restaurants.
Thanks again everyone

[andthentherewere3]

I agree with looking into New Canaan. It's often referred to as the "next station to heaven" by locals. Beautiful homes, a nice little walkable downtown, parks, lots of SAHM's, a friendly Newcomers Club, and in a good location for commuting. The OP should have no problems finding the perfect home in their price range.

[Stylo]

Originally Posted by StepRN3

Statford, CT Resident couldn't have said it better, I feel like he knows us. We don't want to buy a $2M dollar house in a neighborhood of 600K houses because the house wouldn't be as good as of an investment that way. Plus, we want shopping/restaurants.
Thanks again everyone

In that case, I'd tend toward New Canaan, Westport and the wealthier sections of Fairfield like Congress Street and Southport.