Market Tanks- Now What for New Homebuyers??

[ETex2]

Originally Posted by AngelBy

Should we wait for a while (6 months or a year later) until the price goes down near to the bottom? At that time, even the rate can be higher, but the price is lower.
How do we know when is the best time to buy a house for living, not for investment.

Since you are convinced that prices will go down "near the bottom" in 6 months or a year, YOU should just wait until then.

[AngelBy]

Originally Posted by ETex2

Since you are convinced that prices will go down "near the bottom" in 6 months or a year, YOU should just wait until then.

I'm not good with economy, I just want to save more money because right now we can't afford yet, so I want to hear from your experiences.

[mortimer]

If one is buying a house now and a 1 or 2 percent interest rate change effects your
ability to buy the house, then you are buying a house that is too expensive to start with.

Buying as much as you can "afford" is what precipitated this mess.

I'm not saying anyone in this thread is doing this, but just making a general comment.

As a general comment, also, I would say that rating the United States' credit rating
is a total waste of time. This was proven by the fact that after the rating downgrade,
the cost of a US bond went up significantly which was opposite of the predictions.

[AngelBy]

I meant if the price is still going down more, we can get a smaller mortgage loan.

Example:
- If right now the price is 250K, the loan will be about 200K
- If 6 months later, the price is 200K, then we only need to borrow 150K

Please advise.

[Escort Rider]

Originally Posted by AngelBy

I meant if the price is still going down more, we can get a smaller mortgage loan.
Example:
- If right now the price is 250K, the loan will be about 200K
- If 6 months later, the price is 200K, then we only need to borrow 150K
Please advise.

You are looking for advice that no human being is capable of giving you because no one has the magical ability to see into the future. If I knew for certain what real estate prices would be doing six months from now, I would be a millionaire. Plus the fact that local markets differ from one another. Many of the experts have been saying they expect real estate prices to be level or trending slightly down for a while yet, but the experts are not always right. It is possible that waiting four to six months or more will allow you to buy at a lower price, but no one, absolutely no one, can guarantee you that. If you feel that buying right now would be a stretch for you financially, it may be better to wait. But you could regret waiting too. Life's decisions are not easy, and you seem to be looking for someone in the Real Estate Forum who can make them easy for you, but so sorry, things do not work like that. Best of luck.

[mortimer]

Originally Posted by AngelBy

I meant if the price is still going down more, we can get a smaller mortgage loan.

You are exactly right.

If the thought that the ( type of ) house you are looking at will go down
in price over the next six months makes you lose sleep then don't buy it.
Wait till the price comes more in line with what you think is the bottom.

You might compare this to making an investment: You think that a price
of 'X' is risky, but if you could get it at 'Y' then it would be a good deal.
If the price doesn't come down, then you can just start looking at something else.

If you can easily afford the house now and like it and want to move, then
buy now. Maybe in ten years, the house will be worth more in dollars and
it won't matter if it went down by $50k ( or more ) for a few years.

You can't pick the bottom. All you can do is make sure you can afford the
house you are buying now. If a $250k mortgage is too much for you to handle,
but a $200k mortgage is going to be fine, buy a smaller house right now.

No one can call the bottom.
No one can tell you if prices will be lower in six months.

I think prices will go down, but I'm just some anonymous person posting on c-d.

[399083453]

Originally Posted by mortimer

No one can call the bottom.
No one can tell you if prices will be lower in six months.

Prices go down really fast, but prices go up really slow. Just wait it out.

[AngelBy]

Originally Posted by 399083453

Prices go down really fast, but prices go up really slow. Just wait it out.

I hope you're right with house pricing, because on the contrary, gold pricing goes up and never goes down years ago.