To Buy or Not to Buy (Alto, Tierra Grande: apartment, foreclosures, to rent)

[househunter1970]

I don't want to sound silly but I am really confused on whether to buy or not to buy a house, especially with the economy being so unstable. I work for a Telecom company and all that I hear every day is Layoffs and job cuts and this is just driving me crazy.

Also, the number of foreclosures in the rise, does it even make sense to buy a house that is not foreclosed.

Any input is much appreciated. Please help me in making a better decision.

[nsumner]

I understand your hesitation and concerns. Home ownership is not for everyone. Do you know what you want? do you know where you want it to be? do you have a very steady job? Altough you are in the telecom industry, would you be able to find another position if circumstances were to change?

I can tell you that the market has been good in most places in DFW. You can get a really good bargain right now if you are not planning to move within the next 5 years.

Naima

[ChristieP]

I was a victim of the telecom crash of '01 and I'd say to sit tight and not make any major financial decisons just yet. You lose nothing by continuing to rent, but if you try to buy and get laid off, you could lose EVERYTHING...

[loves2read]

actually from what I read recently the number of foreclosures for 2008 was less than for 2007 up to the 4th quarter
It has always depending on each person's individual situation as to whether or not to buy a house
right now buying a house is not a way to build up equity or wealth that you can tap into like people did over the past 7-10 years---
If you are worried about your job for the next couple of years why would you even think about buying a house---you would need flexibility in seeking new work...
if this is just general anxiety about the state of the economy in general and yours in particular---buying a home is really not going to make you feel better
start saving as much money as you can now -- the housing market will have bargains in certain areas for the next 3 years I am betting because the economy is going through a pretty long stretch with volatility...
just try to maximize your cash situation--that is never a bad thing--

[FalconheadWest]

I agree with Loves2read. Foreclosures in TEXAS have declined since last year. The latest research was published in the October '08 Tierra Grande which is what is sent to all the agents each quarter. And overall, only 2.75% of all loans have been foreclosed. That's less than 3 houses for every 100. So, to answer your question about why would you buy anything besides a foreclosure is because you're limiting your options by missing out on the remaining 97% of houses.

[FarNorthDallas]

The threat of layoff would concern me too. It seems like they are just getting started here. Last week JC Penney, EDS and Boeing. I would wait and reevaluate in January unless you have a telecom job that is in more demand than others.

[Mckellyb]

Foreclosures are a lot of work, typically. Because the people living in them know their own situation long before the mortgage owner does, let's say the house ceases to be properly maintained past a certain point.

Yes, there can be screamin' deals...but nothing is free. A house you purchase for 60% of taxable value likely has a solid year of work to do in order to put it back to the condition it should be.

As far as purchasing now, we looked, and my wife an I are going to hold off for a while longer. I want to see what shakes out of the market after the election and the new year. 800+ point daily swings in the stock market ain't 'normal'.

[getmeoutofhere]

It's a good market to buy a house, but you want to make sure you want to stay here for at least a couple years, in order to recoup your money.

My wife and I lucked into an almost-zero work foreclosure property, but that is exceedingly rare. Most are trashed, big time.

If you plan on buying, make sure all your finances are in order, or they won't touch you. They are amazingly strict now.

[Macbeth2003]

Originally Posted by ChristieP

I was a victim of the telecom crash of '01 and I'd say to sit tight and not make any major financial decisons just yet. You lose nothing by continuing to rent, but if you try to buy and get laid off, you could lose EVERYTHING...

Me too, Where did you work? I was at Worldcom. Made for fun reference checking having your entire division gone.

[autotech4dallas]

Originally Posted by ChristieP

I was a victim of the telecom crash of '01 and I'd say to sit tight and not make any major financial decisons just yet. You lose nothing by continuing to rent, but if you try to buy and get laid off, you could lose EVERYTHING...

I have always liked the concept of renting, such as an apartment as an example but everybody is telling me it is like throwing away 500 dollars or more every month.