Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You know I was not giving an example of the market, but talking about timing and that is what many on here are promoting. You know you are taking the meaning of what I said out of context. Moderator cut: calling out mod prohibited, read the TOS
A question for the BUY now people. OK if I find "The perfect house" or one that has little or no real concessions then sure I would probably buy today if that was the case.
But I also don't see ANYTHING wrong with the wait and see perspective. Granted in the long term it should be a decent investment, etc... But if you knew or expected the market you are looking in to dip say even 5% between now and say March 2009, wouldn't you wait till March? That 5% is basically realtor fees if you had to sell. That could be 5-20k+ depending on cost of house. I see nothing wrong with waiting.
A question for the BUY now people. OK if I find "The perfect house" or one that has little or no real concessions then sure I would probably buy today if that was the case.
But I also don't see ANYTHING wrong with the wait and see perspective. Granted in the long term it should be a decent investment, etc... But if you knew or expected the market you are looking in to dip say even 5% between now and say March 2009, wouldn't you wait till March? That 5% is basically realtor fees if you had to sell. That could be 5-20k+ depending on cost of house. I see nothing wrong with waiting.
It all depends on the individuals situation, location, and otherwise. The real estate markets are not a fixed thing. If you expect the market in your area to be 5% lower in the spring of 2009 (may be, may not be) then what is to stop you (given you have found the right home) from bargaining hard to try to get that home for 5% less now? It does not cost you anything but time to try, and you never know you might get it.
I am looking to move to NJ. I think the cost and hassle of moving myself twice in a one year period might negate the (potential) 5% drop in price between now and March. So unless I want to expand out my timeframe of moving, I will continue to try to find a good deal in a pricepoint I am comfortable spending in.
I agree. If I can find the right place to buy I will try and buy it. But as many people say the prices in my area are stable, don't know how to read. I agree they aren't dropping like CA or NV. But I think Mar2008 avg sale was $250 in my neighborhood. Today just above $200. According to Trulia.
I agree. If I can find the right place to buy I will try and buy it. But as many people say the prices in my area are stable, don't know how to read. I agree they aren't dropping like CA or NV. But I think Mar2008 avg sale was $250 in my neighborhood. Today just above $200. According to Trulia.
Places like Trulia and Zillow are not that accurate. They only represent what people have put into them, not the whole market. If the person representing the individual home did not want to put it on Trulia, then it is not on Trulia. Many times, I do not put things on Trulia, because buyers don't call off of it, I want them to call or e-mail for more information, at least then there is the chance to sell them on at least looking at the home in person. If you cannot get the buyer in the home, they will not buy it.
I agree. If I can find the right place to buy I will try and buy it. But as many people say the prices in my area are stable, don't know how to read. I agree they aren't dropping like CA or NV. But I think Mar2008 avg sale was $250 in my neighborhood. Today just above $200. According to Trulia.
Depends on how you view stable. Personally, I would at least wait until a full week passes without a major financial institution failing or being rescured/acquired. With the volatility and uncertainty in the current markets, it's not unreasonable to be cautious and stay on the sideline for a little while. Let's see the bailout actually get enacted first (and even that is no guaranteed cure).
You know I was not giving an example of the market, but talking about timing and that is what many on here are promoting. You know you are taking the meaning of what I said out of context.
no, i didn't know you were just giving an example. choose your words more carefully next time.
A question for the BUY now people. OK if I find "The perfect house" or one that has little or no real concessions then sure I would probably buy today if that was the case.
You do not have to answer these, these are the ask yourself questions
Are you going to be paying rent? How much is the rent?
figure out how much rent you are paying from when you start renting until March, what's the total?
How will you be moving? What will that cost you?
When you move out of what you rent, how much will that move cost you?
Will you need to pay storage?
Add those numbers to the top numbers
I will see if I can find a post someone made at another place. The way they put it will help you figure out whether to buy now or wait.
Quote:
Originally Posted by NatasNJ
But I also don't see ANYTHING wrong with the wait and see perspective. Granted in the long term it should be a decent investment, etc... But if you knew or expected the market you are looking in to dip say even 5% between now and say March 2009, wouldn't you wait till March? That 5% is basically realtor fees if you had to sell. That could be 5-20k+ depending on cost of house. I see nothing wrong with waiting.
There's no way that anyone can predict if the market will drop more or start going back up. We decided that if we found something we would buy and we did. Our house needs are probably different then most people. If all we needed was any 4 bedroom 2+ bath house then it would be different.
This is the post that someone else wrote. Maybe it will help you decide to buy now or wait if you do happen to find something you like. I would use this thought process as well as taking into consideration what I said above. At some point you might decide that you're waiting for no reason other then hoping prices will fall, but will they?
Quote:
I'd do my 'eBay test'...
At some price, you will not mind losing the house because you will know that the buyer paid more than you were willing to pay. Write that number down and call it your "lose it price".
At some price, you will snap it up and do a happy dance knowing that you got a house you love for a fair price. Know that these sellers already have three good reasons to expect a "fair" price (the three previous offers) rather than a "bargain" sale, and that as a previous preceived 'low-baller', you won't have extra goodwill on your side. Write down this "fair price" number.
Of course, there will be a gap. How big a gap is it? Is it even a realistic gap to close?
Now for the tough part -- Identifying your "kick yourself" price. This is the price where you would "kick yourself" if the house sold for that amount to someone else. Start with your "fair price" and work your way up. Add a premium for charm, for location, for whatever it is that draws you to this house but not others. Recognize that those features may not have tangible value to an objective appraiser, but that they may have real value to you, and they may have real value when you go to resell down the road. Also figure in your risk-aversion and how you'd feel about paying more than you think is "fair" if the market is shaky. Mentally "try on" each price by imagining that you bought the house for that amount. Are you happy, satisfied or gut-sick? Go for satisfied --
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Found the post
