Phx Metro Housing Market (credit, real estate, lease)

[john3232]

There are a lot of good deals right now but I'm wondering if I should wait at least another six months before buying.

Any advise?

Thanks

[Randall Neis]

By then most deals will begin erasing. Inventories are high but have been dropping each of the past few months. Look for what you WANT instead of a good deal, at least if you plan to live in it, and you'll be happier. You may even get a good deal,too!

[Nice Nice Baby!]

This was true, but who would believe at that time the credit market would have dried up. Once the credit crunch gets resolved, we'll see more action.

[sablebaby]

Buy now. Like Randell, find a home you love and stay there, it will pay off one day.

[sheena]

Originally Posted by john3232

There are a lot of good deals right now but I'm wondering if I should wait at least another six months before buying.

Any advise?

Thanks

John if you are out there I hope you didn't buy last January. I can assure you my buyers aren't happy they bought last January. I'm glad they did though.

[normsw]

You need to wait until all the uncertainty about real estate gets resolved. This is a risky time to be buying anywhere. Times are changing and maybe not for the better for a while. Patience and more of it will save you possible grief and loss of capital. Rent or lease for a year and then see what the market is doing. I got burned bigtime in stocks the past 6 months; partly my own fault for not being cautious. The same is true for real estate right now.

[Nice Nice Baby!]

Stocks and real estate should rarely be compared to in the same sentence. Much different animals as they are traded much differently and have varying transaction costs. I don't here of people jumping out of buildings because the value of real estate is dropping like people did during the great depression when stocks dropped. The only sure way to make money in the stock market is to ride out the lows and have a long term strategy, much the same strategy needs to be addressed any time you make a major financial decision. Day traders will get hurt and so will flippers trying to make a quick buck, but not always is the case.

My advice is to sell the POPS, and buy the DROPS! Then hold on for some time and you will come out ahead.

[sierraAZ]

Originally Posted by Nice Nice Baby!

I don't here of people jumping out of buildings because the value of real estate is dropping like people did during the great depression when stocks dropped.

Actually, I read that a lot of people didn't care about the stock market crash, either. The ones jumping out of buildings were the speculators who bought stock on margin.

[Newbigtech]

Buying a home is an investment in your future. If you believe that the time is right to own, then you should. It has to be right for you. No message board can tell you what you should do.
Try this... Write down the reasons you want to purchase a home, the pluses and the minuses. See what adds up for you. Do you need the tax deduction that you are losing from renting? Can you fix or afford to repair something in the home if it breaks?
There is more to it than just buying because the price is cheaper than in 2005.

A house is a home, it is an investment and a place to take pride in, because it becomes yours. JMHO

[_Charles_]

Make an offer on something you really want. In this market you can realisticaly bid 90% of the asking price with the idea of negotiating - for example if they're asking $299k you can offer $271k - the seller will then likely want to negotiate.