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Old 09-27-2007, 08:33 PM
 
5 posts, read 49,609 times
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Hi All,
Is it a right time to buy a home .I saw and interested a Town house for 307K .friends are warning me that price is still going down.
Your suggestions are appreciated.
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Old 09-27-2007, 09:12 PM
 
687 posts, read 3,241,991 times
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Sure. You certainly have your pick right now. Will prices fall further? Perhaps, but you should consider the potential costs associated with not buying now as well. Do you want to continue to put money towards rent every month without any return on investment? Are you renting, and will you have to re-sign another year-long lease? There are really lots of variables at play here.

If your plan is to stay in the house three years or less, then maybe buying now isn't the best idea. (If prices do fall more, then would you have enough time to ride out the storm, so to speak?) If your plan is to stay for at least five, I would be shocked if you didn't recoup what you paid and then some appreciation.

But no one knows for sure.
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Old 09-27-2007, 10:03 PM
 
5 posts, read 49,609 times
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I am at present paying around $1200 for 1 bed room apartment,and not happy with it ,looking for 2 bed room ( around $1500/month) .and mortgage with property tax costs around $2200.
So I think buying a home is best bet.
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Old 09-28-2007, 05:45 AM
 
Location: OH->FL->NJ
16,924 posts, read 12,474,368 times
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From a pure money perspective the rent wins easily on your calcs in under 7 years. Simply google "rent vs buy calculator" and dont put in silly appreciation rates as values are still going down ATM.

That being said. How much do you value owning, having your own place etc... ? ****Wanting to pay the extra to have your own place is a perfectly valid reason to buy but dont fudge the numbers. Be honest with yourself and say the extra $800 after tax deduction (+ repairs) per month gets you something you want*****

Unfortunately we have to guess at appreciation rates. Anyone who tells you a townhouse WILL appreciate 100% certain is lying to you. It probably will once past the 2008-2009 time frame. It will also probably depreciate over the next year or two. PROBABLY

DONT believe the NAR numbers. They have been predicting things going up even once they started going down. Then they predict a turnaround which just has to be pushed back multiple times as the trend stays downward.
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Old 09-28-2007, 06:59 AM
 
Location: Atlantic Highlands NJ/Ponte Vedra FL/NYC
2,689 posts, read 3,935,050 times
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Quote:
Originally Posted by new_to_sayreville View Post
Hi All,
Is it a right time to buy a home .I saw and interested a Town house for 307K .friends are warning me that price is still going down.
Your suggestions are appreciated.

if you plan on being there awhile, 7+ years, then you should buy if you think you might have to sell sooner, then you are at risk. Be aware that townhomes usually do not appreciate as fast as single family homes.
this is a bad time for real estate but when the market does turn around (and it always has in the past) things will start to go up, the problem is that you won't know it's turned until if already has.
bottom line, if you buy now you might be sitting on a loser for a couple of years but if you think long term you should be ok
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Old 09-28-2007, 09:15 AM
 
168 posts, read 498,726 times
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Default Msnbc

Not according to Jim Cramer.
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Old 09-28-2007, 09:24 AM
 
Location: Atlantic Highlands NJ/Ponte Vedra FL/NYC
2,689 posts, read 3,935,050 times
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Originally Posted by tbone65 View Post
Not according to Jim Cramer.

is it his money and future or is it yours? if you let others do your thinking for you, you get what you deserve.
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Old 09-28-2007, 09:38 AM
 
Location: NJ
23,787 posts, read 33,229,160 times
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Quote:
Originally Posted by new_to_sayreville View Post
Hi All,
Is it a right time to buy a home .I saw and interested a Town house for 307K .friends are warning me that price is still going down.
Your suggestions are appreciated.
No one can predict prices. I at one time this summer stopped going out until I read a post that said that although some NJ people aren't buying, people are still coming in from NY, which has to be taken into consideration. If there is something that spoke to you, then I would jump on it because if you don't buy it, someone else may.

Quote:
Originally Posted by new_to_sayreville View Post
I am at present paying around $1200 for 1 bed room apartment,and not happy with it ,looking for 2 bed room ( around $1500/month) .and mortgage with property tax costs around $2200.
So I think buying a home is best bet.
You have to decide if a townhouse is the right choice. Depending on where it is, resale is usually harder. Down here, I know of a cute 3 bedroom 1 bath house that is currently listed (not mine but up the street) at a little over $160k. Taxes are also low.
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Old 09-28-2007, 12:02 PM
 
168 posts, read 498,726 times
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Quote:
Originally Posted by apvbguy View Post
is it his money and future or is it yours? if you let others do your thinking for you, you get what you deserve.

Wow, thanks for straightening me out.
Nope, I sold my investment properties end of last year. I knew the end was near and decided to not get greedy. If you really think that the increases in real estate value over the last five years was sustainable, then I have a bridge to sell.
Maybe you are a real estate agent or are trying to sell your home. Either way, reality is that we are not at the bottom and when that occurs, will not see any significant increases in the short term.
Good luck!
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Old 09-28-2007, 12:19 PM
 
Location: Atlantic Highlands NJ/Ponte Vedra FL/NYC
2,689 posts, read 3,935,050 times
Reputation: 328
Quote:
Originally Posted by tbone65 View Post
Wow, thanks for straightening me out.
Nope, I sold my investment properties end of last year. I knew the end was near and decided to not get greedy. If you really think that the increases in real estate value over the last five years was sustainable, then I have a bridge to sell.
Maybe you are a real estate agent or are trying to sell your home. Either way, reality is that we are not at the bottom and when that occurs, will not see any significant increases in the short term.
Good luck!

I am not looking to argue with you, I agree with everything you've said. that said you must understand that buying a home as an investment versus buying it to live in is two very different things.
Now go back and read the original question, then you'll understand the reasons for my advice.

It is great that you are such an astute investor and you managed to sell at the top, but that has nothing to do with the op who asked a question about timing for his home purchase, thanks for playing, good luck with your future investments, I am sure everyone is pulling for you.
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