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Now is a great time to buy. Just be sure the price thats on it is not what you pay...Dont believe a word a real estate agent tells you about prices. To most of them its still "hype" time.
The market isn't going to be going up in a while. So renting won't hurt you - save some money for a year or 2 and then buy - prices wil be the same. If not lower.
But for whatever the reason, some people just feel they need to own a home - so it isn't a bad tine to buy either. Just remember, if you have to sell in the next few years, you will find yourself in some trouble.
It also depends on the market you are loking in. Starter homes $150 and under are moving and it's a good time to buy. If you are looking in the 500k and up market, no one is touching those homes - you can find one and name your price. Those homes still have room to fall, IMO.
I'd buy a house in this market, if I thought I'd be living in it for the rest of my life.
If I ever had plans to move before I die, I would not buy a house.
Good advice. I got a bad feeling that we are no where through the woods on this. Yeah, some inidicators are up, but the people who care about "REAL MONEY" not paper money or "assets" or "liabilities" are not doing one iota better. Clever accounting and macro-economics got us in to this mess, but it will not get us out!
It will take until cash is moving better before we are outa the woods.
I'd buy a house in this market, if I thought I'd be living in it for the rest of my life.
If I ever had plans to move before I die, I would not buy a house.
and chicken little thought the sky was falling...
but seriously, I think it's VERY dependent on what/where you're looking.
If you have to be in a new suburb I'd be very cautious.
If you're in the $250-$350K price range I'd be very cautious, but no question some good deals are out there.
If you're in the $350K+ price range... who cares, you can afford the loss.
If I were looking at sub $250K in an existing neighborhood I'd do my homework, but wouldn't be scared to buy. As the price point gets closer to the $150K mark I think purchases are probably safer.
As you go to a lower price home the chances of losing more money on devaluation than you'd throw away with rent (~$36K over 3 years!!!) obviously gets smaller and smaller. Personally I'd rather lose $15K on my house than pay a property owner $36K to pay HIS mortgage...
Realize that there are a large number of realtors on this site who continually pump the market. If you have the option why not wait a while. There would seem to be nothing but downside in this market for the foreseeable future....The wave of mortgage resets continues, unemployment will continue to rise even after the economy picks up, and the banks are holding back on foreclosures to slow the pace of price decline...
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