ok...To Buy or NOT to buy....that is the question. Please give feedback (rent, mortgage)
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So I have been in the market for a home in the western Suffolk area (south shore) for about 4-5 months now. No the inventory is not particularly exciting and the prices are still high, though I can see some sellers are starting to Smell What the Rock is cooking (the rock in this case being this crooked economy) I was just wondering how many of you 'lurkers' here are actually gearing up to buy as follows
a) WILL buy within 3 month or already have an accepted contract
b) Looking to buy in 3-6 months, have made some offers
c) Looking to buy but I have made no offers, maybe buying in 6+ months.
d) I am not buying a thing until I see the whites of the sellers eyes, homes come down another 20% and the 30 year mortgage rate is under 4%.
Just looking for some healthy discussion too and if some of you can give some general feedback on their specific situation.
Last edited by ocabrera7; 08-25-2010 at 07:43 AM..
So I have been in the market for a home in the western Suffolk area (south shore) for about 4-5 months now. No the inventory is not particularly exciting and the prices are still high, though I can see some sellers are starting to Smell What the Rock is cocking (the rock in this case being this crooked economy) I was just wondering how many of you 'lurkers' here are actually gearing up to buy as follows
a) WILL buy within 3 month or already have an accepted contract
b) Looking to buy in 3-6 months, have made some offers
c) Looking to buy but I have made no offers, maybe buying in 6+ months.
d) I am not buying a thing until I see the whites of the sellers eyes, homes come down another 20% and the 30 year mortgage rate is under 4%.
Just looking for some healthy discussion too and if some of you can give some general feedback on their specific situation.
I think you may wait a long time for those mortgage rates. Not an expert on this part of the equation but how can they go any lower?
My first interest is to sell my current place, then buy. I know we'll take a loss from what I bought at (2006) but we should still walk away with some cash from the deal as we've paid down the mortgage substantially. My wife and I have perfect credit and our income qualifies use for a loan something in the range of 450-550 depending on who ask.
I won't be looking to spend more than 450 or so including our down payment, so my goal will be to get the best house I can for that amount. I will be in no rush. I'll rent for a year if I have to.
I think it is an okay time to buy if you see a house you can a) afford easily for the long term. b) deal with living in for the next 20 years if the market moves down and stays there.
Right now is not the time to be looking for a house to move on from in 5 years or investment properties (unless you're buying nightmares and completely refurbishing them), as these interest rates are keeping prices up, and when they rise, you will not be getting back what you paid.
So I have been in the market for a home in the western Suffolk area (south shore) for about 4-5 months now. No the inventory is not particularly exciting and the prices are still high, though I can see some sellers are starting to Smell What the Rock is cocking (the rock in this case being this crooked economy) I was just wondering how many of you 'lurkers' here are actually gearing up to buy as follows
a) WILL buy within 3 month or already have an accepted contract
b) Looking to buy in 3-6 months, have made some offers
c) Looking to buy but I have made no offers, maybe buying in 6+ months.
d) I am not buying a thing until I see the whites of the sellers eyes, homes come down another 20% and the 30 year mortgage rate is under 4%.
Just looking for some healthy discussion too and if some of you can give some general feedback on their specific situation.
So I have been in the market for a home in the western Suffolk area (south shore) for about 4-5 months now. No the inventory is not particularly exciting and the prices are still high, though I can see some sellers are starting to Smell What the Rock is cocking (the rock in this case being this crooked economy) I was just wondering how many of you 'lurkers' here are actually gearing up to buy as follows
a) WILL buy within 3 month or already have an accepted contract
b) Looking to buy in 3-6 months, have made some offers
c) Looking to buy but I have made no offers, maybe buying in 6+ months. d) I am not buying a thing until I see the whites of the sellers eyes, homes come down another 20% and the 30 year mortgage rate is under 4%.
Just looking for some healthy discussion too and if some of you can give some general feedback on their specific situation.
You won't have to wait too long for this - just look and see what the 10 yr T-Note did yesterday. BTW, I got quoted an under 4 rate last week - though it only held for 1 day, it won't be long before it comes back to the sub 4 number again. As for home prices - they will continue to come down, the housing market is loaded with inventory - some really need to sell, some are seeing what the market will bear and some are on the fence about really selling even if they were to receive an offer.
Tom - get back to us when you have a buyer with 30 year money costing less than 4%. I don't expect to wait to long - the way the 10yr is acting, it will be sooner, rather than later. The fear in the marketplace will drive yields lower than FED actions alone.
Tom - get back to us when you have a buyer with 30 year money costing less than 4%. I don't expect to wait to long - the way the 10yr is acting, it will be sooner, rather than later. The fear in the marketplace will drive yields lower than FED actions alone.
I agree that it is comming. But there is an absolute floor of 0%. The ten year is already below 2.5. This plan worked so well for Japan, why shouldn't it work here too?
Please stay on topic if you could. Start another thread on mtg rates if you would like.
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