U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-20-2008, 02:03 AM
 
8 posts, read 40,885 times
Reputation: 12

Advertisements

some experts, rate is falling down, is it a good time to buy now or wait to 2009.
Reply With Quote Quick reply to this message

 
Old 12-20-2008, 07:14 AM
 
446 posts, read 1,485,422 times
Reputation: 146
Now is a good time to buy IF AND ONLY IF you are out of debt, have an emergency fund of 3 to 6 months and can lock in a fixed rate 15 year mortgage that is not more than a fourth of your take home income.

Just my own personal opinion...
Reply With Quote Quick reply to this message
 
Old 12-20-2008, 02:07 PM
 
1,763 posts, read 5,365,373 times
Reputation: 798
A yr ago I would have said now, but now I would say wait.

Virginia Housing, Arlington, Alexandria, Richmond, Roanoke, Virginia Beach

The wild card is what interest rates will do this year. They are super low @ the moment, but if the economic recovery ignites, so will interest rates, and that could price someone out just as easily as high home prices.
Reply With Quote Quick reply to this message
 
Old 12-20-2008, 11:54 PM
 
3,164 posts, read 6,113,438 times
Reputation: 1264
With interest rates being under 5%, I would buy because you can afford more home than you will be able to afford in the future. House prices may decline in this area in 2009, but they won't decline enough to make up for such a low interest rate. You won't see that again.
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 09:03 AM
 
361 posts, read 617,868 times
Reputation: 496
The first response was so sensible (the affordability factor). That said, according to www.doctorhousingbubble.com, "... The most important thing about buying a home is the price." He lays out facts and figures. Prices may continue to fall, but you may not want to wait if you want and can afford a home. Many folks need to stay put because they have homes they can't sell! Please do not get swept up in the running and screaming mentality -- gotta buy now!... it'll never again be this good! The economy is down, no rapid recovery this time. How secure is your job/career -- another consideration. So many variables to take into account. If you're asking if we've hit bottom, the answer is probably no. Who knows when that will be! But prices are down in some areas to the point of being affordable. Just some thoughts but no solid answer!
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 10:15 AM
 
5,210 posts, read 9,086,848 times
Reputation: 5879
I think we're beginning to see some market stabilization in the less expensive, close in homes. I'll go out on a limb and say that in the below 500K market the *best* time to buy (low interest rates, price, selection combined) has already passed. There are still deals out there but you have to look a bit harder to find them now.
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 01:41 PM
 
595 posts, read 2,095,273 times
Reputation: 179
180K for an SFH in Springfield--that must be a 9 or 10 year low.
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 02:39 PM
 
5,210 posts, read 9,086,848 times
Reputation: 5879
Quote:
Originally Posted by barryhussein View Post
180K for an SFH in Springfield--that must be a 9 or 10 year low.
Where is that house? Sometimes the realtors put really low prices on homes (mostly short sales and foreclosures) to attract multiple bids. It might be listed for $180K but it would actually sell for quite a bit more than that.

9 or 10 years ago, some homes in Springfield were actually selling for $180K.
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 06:02 PM
 
Location: Falls Church, VA
722 posts, read 1,750,277 times
Reputation: 316
Given the particular constraints of NoVA, it may be a good time to buy. If you're looking inside the Beltway, for instance, the combination of prices and interest rates are good. Commute is SUCH a huge factor here, and we have so many wealthy people, that close-in houses can only dip so low. Unfortunately. If I could afford a house in North Arlington (hahahahaha), I would buy it now instead of next year since the prices probably won't go much lower there even if the economy continues to tank, but rates may go higher.

However, if I was looking to buy in Centreville or Fairfax City? I'd wait a little longer because I think those prices could still go lower. The commute from these places is not THAT short and the land not THAT valuable, you know? But that is my entirely non-expert opinion and I may well be completely wrong. I hope I am, especially about North Arlington

And I also agree with CaseyMac entirely - it depends so much on your personal financial situation. There is never a good time to get in over your head with a house, no matter how nice interest rates are looking. I don't love renting, far from it, but I'd rather rent until the day I die than have to truly worry about where the mortgage payment is coming from. I'd also rather rent than have a 90 minute commute to work, I don't care how nice the guest bedroom is.
Reply With Quote Quick reply to this message
 
Old 12-21-2008, 08:26 PM
 
Location: Stafford, VA
6 posts, read 19,553 times
Reputation: 11
I would say that it really depends upon your current situation, are you renting? How much are you paying in rent and could that be around what a payment would be for your own place rather then someone elses? I say talk to a few lenders and see what you can really be comfortable with and afford and then look at what is on the market. It is a good time to buy, rates are at an all time low and housing prices in Northern VA have come down. It depends on what and where you are looking to live. best of luck!

Last edited by FindingZen; 12-23-2008 at 08:16 PM.. Reason: Real estate advertising
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. | Please obey Forum Rules | Terms of Use and Privacy Policy

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top