In this economy (feedback, foreclosures, mortgage, mortgage)

[icequeen2008]

In this economy is it better to rent or buy ? I am a single parent with 2 kids. My son is 20 and is still in school and works and is disabled and my daughter is only 14. My concern is not so much making the payment as it is doing the costly up keep. Any opinions?

[corgiloveTN]

If you figure what you have to spend on rent yearly. Compare what your house payment, taxes and utilities would run. Depends on how big a house you have.

[TempesT68]

With how low the prices are now in buying, it would be hard pressed to find a reason not to.

[chet everett]

There are plenty that'll rent for less than you can buy. In some aereasmthe gapmisnhuge, with underwater home owners deer ate to do anything to keep cashnflowing...

[ExNooYawk]

My advice would be to rent. Any down payment you might make is at risk if the value of your house falls even further. Then you would be stuck. At least with a rental you can get up and go if you need to do so. It's better than sitting in a house for which you paid too much money that you can't sell without losing your shirt.
Two years ago, people were saying that the housing market has 'hit bottom'. Nope. Not yet. Who knows when it will? It could be years; there is a lot of inventory out there, foreclosures, short sales..... A nightmare for those of us who own homes where we've lost thousands of dollars in equity and can't even sell them anyway.
Rent. Keep your eyes peeled. If your job is secure and you find a home you really love, go for it. Be cautious. Caveat emptor.

[cleasach]

Originally Posted by TempesT68

With how low the prices are now in buying, it would be hard pressed to find a reason not to.

Depends where you live.

[Giesela]

If you have a lot of job stability and life stability, stable neighborhoods to buy in that won't slide into crime over 50 years and never plan on moving sure, consider it. Otherwise a house really ties you down. If your renting and your salary goes down you can economize, find a cheaper place, i.e. you have options. If your paying a mortgage and the real estate market sucks - your stuck.

[MMichelle]

Depends entirely on where in the country you live and how long you intend to live there.

Here in our area - prices are fairly stable but remain softer than they have been in years. Interest rates are a bargain! I don't think they will spike dramitically within the next year. However, I think they will increase in the next few years. Locally, I think it's a great time to buy - IF you intend to remain in the area for 4 years + or so.

You are correct. There are expenses beyond the mortgage payment. Your best bet might be to sit down with a good mortgage lender. Ask what you might qualify for and what they would budget for on your behalf.

The smart thing is not to become house poor. Just to pick a number (example only) - say you qualify for $200,000.00. Great. But if you can find a home that would suit your needs for $150,000.00 - that's smart!!

Know what you can do and what you can't. If you have never - REALLY - fixed up a house - don't buy a fixer upper! There are enough bargains that are not trashed forclosures, etc. Buying something that's broken and you can't fix is not a bargain.

[Silverfall]

You know you have some pretty vague information and are wanting feedback. Where you live makes a huge difference. Some markets are fairly stable and others are highly unstable. What kind of real estate market you are in matters.

Also, if you buy a house you do need to have time for yardwork, unless you get a condo. As a single parent, you need to ask yourself if you really want to take on that added stress. Are you going to live in your area for a long time? If you aren't sure, buying probably doesn't make sense.