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Old 12-16-2008, 09:02 AM
 
50 posts, read 54,499 times
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My husband and I have rented in Mid-town for the past 2 1/2 years and and would like to buy but are wondering if we should wait a year. Also my husband works in the oil industry and we are worried about the industries outlook since natural gas seems to be all the rage.

I would hate to buy and then watch the prices fall further. Any advice would be great!
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Old 12-16-2008, 09:13 AM
 
Location: Charleston Sc and Western NC
9,273 posts, read 26,380,207 times
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Depends on where you buy. Some areas closer to town will drop slightly or just flatten out for a while. The farther out of town the more likely you are to overpay at this point.
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Old 12-16-2008, 09:38 AM
 
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New contruction is going to be about the lowest its going to be. Builders have either slowed down or stopped completely lately, and their existing stock is starting to dry up. Put on top of the fact that in most parts of suburban Houston, margins for new homes are pretty low above cost anyways, it probably will be a decent time to buy.

In my neigborhood, way "farther out of town" prices have jumped int he last six months as stock has sold out and people have started looking at homes again.

Its like trying to time the stock market, if you keep waiting, you'll eventually miss the opportunity. If you DID buy now, and they dropped a little more in the short term, you'll still be getting a good deal for the long term.
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Old 12-16-2008, 10:13 AM
 
Location: Visitation between Wal-Mart & Home Depot
8,307 posts, read 38,666,280 times
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I would really want to be carrying as little debt as possible right now. Keep in mind that property owners and listing agents in neighborhoods close to town are not going to be listening to reports on national news about tumbling real estate prices. Houston is funny that way.

What does your husband do in oil that does not benefit from strong natural gas? I'm assuming a process engineer or some sort of refining specialist?

You're kind of in a catch 22. If energy collapses, Houston property values will dip drastically. However, if energy collapses you probably will not be looking to buy.
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Old 12-16-2008, 12:35 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,669,166 times
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I would wait at least 6 months to make sure energy prices don't collapse. Then your either layed off and foreclosed on or one of the lucky few to keep your job and watch the value of your house plummet.
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Old 12-16-2008, 12:52 PM
 
166 posts, read 896,199 times
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Quote:
Originally Posted by chris_ut View Post
I would wait at least 6 months to make sure energy prices don't collapse. Then your either layed off and foreclosed on or one of the lucky few to keep your job and watch the value of your house plummet.

Ha! A little pessimistic but couldn't be closer to the truth the way things are headed...
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Old 12-16-2008, 01:16 PM
 
Location: #
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Quote:
Originally Posted by EasilyAmused View Post
Depends on where you buy. Some areas closer to town will drop slightly or just flatten out for a while. The farther out of town the more likely you are to overpay at this point.
House sales are down 31.7 percent in Houston. I don't think the Inner Loop is quite as insulated as people believe. I would be especially wary of neighborhoods like the Heights, which is full of overpriced 1500 square foot fixer-upper bungalow type houses. There are plenty of areas in the loop that will feel the pinch, IMHO. Perhaps the variety of opinions expressed in the first few posts of this threads says it all!
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Old 12-16-2008, 01:25 PM
 
Location: Charleston Sc and Western NC
9,273 posts, read 26,380,207 times
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Maybe. But we just had two sell this month in my subdivision, one on my street, at all time highs, within one day, for tear downs and rebuilds. <shrug> Maybe they overpaid, but somehow I don't think they're the type that cares. They just want what they want, where they want it.

But I agree, like other posters said, if you aren't certain of your furture, now isn't the time to buy a house no matter what the prices are.
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Old 12-16-2008, 02:21 PM
JL
 
8,516 posts, read 14,460,467 times
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You should wait a few months to see how the oil industry is doing before buying. Also, remember that there is gonna be a 2nd mortgage crisis according to 60 minutes where the ARMS will kick in for many homeowners in 09'. You might be able to get a great deal on a foreclosure then. Good luck.
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Old 12-16-2008, 03:58 PM
 
Location: Waco, TX
94 posts, read 276,750 times
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Quote:
Originally Posted by chris_ut View Post
I would wait at least 6 months to make sure energy prices don't collapse. Then your either layed off and foreclosed on or one of the lucky few to keep your job and watch the value of your house plummet.
This is sound advice.
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