[pennedin]

I would think, right now, it might be better to rent. A realtor friend of mine said that there are more foreclosures to come, and that the market is not recovering in most areas.

[Weird Tolkienish Figure]

Originally Posted by pennedin

I would think, right now, it might be better to rent. A realtor friend of mine said that there are more foreclosures to come, and that the market is not recovering in most areas.

I've seen this advice offered repeatedly and I think it's 100% wrong. Now is actually the time to buy, when the housing market is in the pits.

Unless you think that buying high during a boom (no pun intended) and selling after the real estate crash is smart?

People are such sheep.

Buy now when interest rates are at historic lows and the housing market is still shaky. A down market is an opportunity.

Sheep.

[Comp625]

Originally Posted by Weird Tolkienish Figure

I've seen this advice offered repeatedly and I think it's 100% wrong. Now is actually the time to buy, when the housing market is in the pits.

Unless you think that buying high during a boom (no pun intended) and selling after the real estate crash is smart?

People are such sheep.

Buy now when interest rates are at historic lows and the housing market is still shaky. A down market is an opportunity.

Sheep.

Agreed. Everyone is entitled to their own opinions and there's a lot of bad information floating around. You are the ultimate decider into who you should believe and how you should spend your own money.

That said, if I had extra cash, I would consider buying in these towns. Mind you, I am a Fairfield County/New Haven County guy. I've always found that my heart keeps me in this area.

1. Milford, CT - I love the quaint downtown, ease of access to the commercialism on Rt. 1, convenience to other nearby towns/cities/attractions and train ride access to NYC.

2. Fairfield, CT - having gone to Fairfield University, I fell in love with the town and its quaint suburbs. It's somewhat accessible (based on your Occupation and Income) and the town's attitude doesn't seem as snobby as that of Westport, Greenwich, etc. Of course, these are subjective opinions. Also, the school system was revamped about 5 years ago, so all of the public grade schools are desirable.

3. Hamden, CT - I have grown to appreciate Hamden's underrated and underappreciated qualities. It seems to have a very quiet, family-friendly attitude about it. Plus, you are still close to commercial activity in North Haven and Milford, along with the city amenities that New Haven provides.

4. Orange/Woodbridge - I feel like this is another underrated segment of New Haven County and offers similar property value to that of nearby Milford.

5. Rocky Hill, CT - a friend actually introduced me to Rocky Hill and there are some really nice, high-end homes. Same holds true for Glastonbury, Avon and Wethersfield.

[LRPct]

Originally Posted by Weird Tolkienish Figure

I've seen this advice offered repeatedly and I think it's 100% wrong. Now is actually the time to buy, when the housing market is in the pits.

Unless you think that buying high during a boom (no pun intended) and selling after the real estate crash is smart?

People are such sheep.

Buy now when interest rates are at historic lows and the housing market is still shaky. A down market is an opportunity.

Sheep.

Except that the markets havent even come close to bottoming yet, especially in most of Ct. with tens of thousands of foreclosures still not on the market.

[Weird Tolkienish Figure]

Originally Posted by LRPct

Except that the markets havent even come close to bottoming yet, especially in most of Ct. with tens of thousands of foreclosures still not on the market.

My house value has held up nicely, actually, since I bought it last year.

[LRPct]

Originally Posted by Weird Tolkienish Figure

My house value has held up nicely, actually, since I bought it last year.

According to whom??.. youll never know the true "value" until/unless a buyer closes on it

[kidyankee764]

Originally Posted by LRPct

According to whom??.. youll never know the true "value" until/unless a buyer closes on it

LOL - I was waiting for this. I'm guessing he's going to reference Zillow.

[Mike 75]

Zillow is crap, but an appraisal for a refi would give a ball park number.

[Weird Tolkienish Figure]

Originally Posted by Mike 75

Zillow is crap, but an appraisal for a refi would give a ball park number.

I refi'd in April, the assessment was actually higher than Zillow.

[Lincolnian]

Originally Posted by LRPct

Except that the markets havent even come close to bottoming yet, especially in most of Ct. with tens of thousands of foreclosures still not on the market.

I disagree. The signs of a bottom are in. You can stick around and try to predict the exact low point but you'll probably be 20% off the bottom with interest rates well on the move upward before you realize you've missed it.

I wouldn't recommend wasting your money renting if you have a good job, were happy with a location, and had the money to buy (a decent downpayment, preferably 20%, and closing funds).

I think it's also a great time to pick up an additional property for investment if that's something you're able and interested in doing.

If the confidence level of the country changes and people feel optimistic toward job growth both prices and interest rates can start to move quickly. It has happened before and it will eventually happen again.

This cycle has overstayed it's welcome.