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Old 01-15-2015, 04:15 PM
 
4 posts, read 3,568 times
Reputation: 10

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Hello,

I'm a young professional who recently graduated from school and am finally making actual money (school works). I'm single, have no children, debt or financial responsibility. I'm interested in real estate and possibly entering the housing market. I've been doing a bit of research and find that I have more questions than ever before.

Anyway, the other day, I stumbled upon an infographic (http://visual.ly/5-reasons-buy-house-right-now) that claims that "NOW" is the time to enter the housing market. I'm just not sure with these sorts of claims. My question is the following: Is now really a great time to enter the housing market? Additionally, if anyone has any mortgage-related information for potential first-time buyers, such as myself, I'd greatly appreciate it.

I look forward to your words of advice! Thanks so much for your time
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Old 01-15-2015, 04:23 PM
 
Location: Austin
7,244 posts, read 21,721,983 times
Reputation: 10013
Have you looked at interest rates? Have you seen how low they are? How long do you think they'll be this low? They inched up and over 5% a few months ago and people freaked out. They're back down to the low 4's and into the 3's if you have good credit and a good down payment. Would you feel more comfortable if rates were back up around 5%? Have you looked at mortgage calculators to see what the payment difference would be between today's rates and what might happen to rates later this year or next year or 5 years from now?

Real estate as an investment is about rate of return. Run some numbers against what it costs you to own verse what it costs you to rent vs what the average appreciation is year over year in your area.
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Old 01-15-2015, 08:27 PM
 
Location: Southern California
4,453 posts, read 6,770,986 times
Reputation: 2238
It is a good time to buy when everyone says "It is a bad time to buy." because demand will be low, but there are always deals to be found.
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Old 01-16-2015, 06:54 AM
 
Location: MID ATLANTIC
8,653 posts, read 22,816,050 times
Reputation: 10473
Where else but in the US of A can you pay less taxes because you finance a home and pay real estate taxes? By buying a home, you not only shelter income, but (ideally) can look forward to some appreciation. At these rates, why wouldn't you buy?
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Old 01-16-2015, 07:10 AM
 
Location: Somewhere in USA
658 posts, read 720,134 times
Reputation: 571
just buy one and be glad you did. real estate is also volatile but slower than others like stock markets and investment funds. Buy a place to LIVE is key...if you're thinking of investing...well if you have the cash flow...still go for it. Since '08 market crash...things have been picking back up but not to the year '06 or '07.
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Old 01-16-2015, 07:15 AM
 
Location: Beautiful Rhode Island
9,242 posts, read 14,795,701 times
Reputation: 10259
All real estate is local. Check for deals in your housing market. What tempts you?
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Old 01-16-2015, 10:42 AM
 
4 posts, read 3,568 times
Reputation: 10
Wow! Thanks so much for the feedback, guys! I really do appreciate it. I'm not much for finances, so all of your advice has been more than useful
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Old 01-16-2015, 12:24 PM
 
18,492 posts, read 15,461,777 times
Reputation: 16150
New York Times Rent vs. Buy Calculator:

http://www.nytimes.com/interactive/2...ator.html?_r=0
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Old 01-21-2015, 09:26 AM
 
4 posts, read 3,568 times
Reputation: 10
Thanks so much!
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Old 01-21-2015, 09:27 AM
 
4 posts, read 3,568 times
Reputation: 10
Thanks so much, ncole1! That was VERY helpful
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