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Old 08-27-2009, 07:12 PM
 
7 posts, read 11,961 times
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I have a great job offer at MacDill AFB but should I wait a while to buy as the dust from the Housing Bubble Burst continues to settle? I am coming from the Raleigh NC area where we haven't had a significant downward adjustment in home prices.

The price range I am interested in is $500K up to $900K - $1M.
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Old 08-27-2009, 08:56 PM
 
425 posts, read 1,088,369 times
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Well if you buy now, at least you aren't buying at the worst time... that came back in '06.

For me, if I were single, I'd probably have been happy continuing to rent, even though I've owned a home before. Doing the math, I think in many cases you'd come out ahead if you were renting for the next few years. When I look at what we are paying for a mortgage, taxes, insurance, and upkeep- a nice, well negotiated lease would be pretty attractive.

In our case though, I wanted some stability for my wife and I and our young son. Renting just didn't offer it. So we bought in '09. Pluses- 8K tax credit, 5% mortgage, and a price that was $225K lower than what they were asking in '07 for the house we bought.

Negatives? Prices could go down even more. But, the 8K credit will go away and rates will probably go up.
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Old 08-27-2009, 08:59 PM
 
Location: East Tennessee
3,924 posts, read 10,296,146 times
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According to local reports, Raleigh is indeed experiencing lower prices and number of sales --> TriangleMLS.

Want to buy some swampland?
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Old 08-28-2009, 04:50 AM
 
Location: Tampa
1,236 posts, read 4,039,604 times
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I think things are on their way up. I have been following my home value with zillow. We bought 4 1/2 years ago at $320k. It went as low as $242k. Last I checked several weeks ago, my home value was $265k. Homes in my area are selling quickly (2 weeks) at a good price. I have heard, though, that there will probably be another dip, then a rise again.

You never know what the market will do. If you are looking to buy, I would not wait too much longer.
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Old 08-28-2009, 06:50 AM
 
7 posts, read 11,961 times
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Quote:
Originally Posted by TampaKaren View Post
According to local reports, Raleigh is indeed experiencing lower prices and number of sales --> TriangleMLS.

Want to buy some swampland?
Mine was a FSBO and I actually had 2 buyers competing. I priced it right and it sold for 30% more than I paid for it in 2004.

The Triangle is doing much better relative to Tampa.

That's why I am cautious as I have no desire to try to catch a falling knife.
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Old 08-28-2009, 07:07 AM
 
25,819 posts, read 39,035,940 times
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There are more foreclosures to come...more ARM's to reset and don't worry the housing market isn't yet up the hill as some want you to believe...only the cheapest bankowned are being sold right now and these are also the once that haven't maintained for months or years...and what you are looking for is a different kind of home, maybe also in foreclosure.

Many investors are realtors, brokers, mortgage professionals of which many are in financial trouble them self since they overbought and were caught up in the bubble so much. Many are having more than one home in foreclosure and many have also the higher end homs in which they are living them self and waiting till they will be kicked out but trying so hard to stay as long as possible without paying...after all they are professionals...they know how it works... so make a low offer and/or wait a little bit more till they really have no other way than short sell or maybe wait till the bank owns it and the bank doesn't want to keep these high end homes too long, it cost the bank too much to maintain them!
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Old 08-28-2009, 07:27 AM
 
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From what I read, the tax credit does not apply to people making over $100k/year. If FO&D is looking in the $500k-1 mil range, I'm guessing he makes more than $100k/year. Its really hard to time the market. It seems to have slowed down in the decline, but there will be more foreclosures due to a ton of ARMs that are going to come due in 2010-2011.
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Old 08-28-2009, 07:32 AM
 
425 posts, read 1,088,369 times
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From: Federal Housing Tax Credit for First-Time Home Buyers: Frequently Asked Questions (http://www.federalhousingtaxcredit.com/2009/faq.php#4 - broken link)

Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
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Old 08-28-2009, 08:07 AM
 
Location: East Tennessee
3,924 posts, read 10,296,146 times
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Quote:
Originally Posted by FO&D View Post
Mine was a FSBO and I actually had 2 buyers competing. I priced it right and it sold for 30% more than I paid for it in 2004.

The Triangle is doing much better relative to Tampa.

That's why I am cautious as I have no desire to try to catch a falling knife.
You are one of the lucky few, congratulations! The Tampa market has some hard-hit areas that are still declining...mostly those built during and after 2005 and condos. In other areas, sales prices leveled off for 4 consecutive months, number of sales increased, and inventory declined. Is this the bottom? I wish I knew.

Investors are actively competing for well-priced properties in good condition and I am working on my own investment portfolio. I lost one recently in a bidding war, oh well...

If you're buying with cash this moves you to the front of the line. But don't be mislead, there are plenty of cash buyers, too. Buyers with less than perfect credit are having difficult times getting financing due to tighter lending standards.
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Old 08-28-2009, 10:17 AM
 
Location: Tampa, FL
2,638 posts, read 10,904,600 times
Reputation: 3542
Buying a house in a hurry in an area you are unfamiliar with would seem to be a bad idea regardless of the current state of its housing market. Move here, rent for a year, decide what area you really like, research the market, etc. There is no need for haste, this market is not going to turn on a dime and magically return overnight to the artificially inflated prices of yesteryear.
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