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It's the right time for me to buy. We're getting a good interest rate, the house is big and cheap-for this area-and we plan to live there many a long day. I'm thrilled, and we waited over three years for this 'right time' for us to buy!
If you can comfortably afford a car and have no 'plan' to sell it at profit, or have at least done some basic analysis of the potential for leasing instead of buying I contend it does not matter if you buy at $30,000, $27,000. or $25,000 -- all are more than acceptable.
Does anyone really believe that paying 20% more for something is OK just because you don't plan to sell it for a profit? It doesn't make sense to overpay for a commodity even if you don't view it as an investment.
Not me. I could do something else with that money, like invest it or buy something else.
KC you're absolutely right. After these cash buyers have done their due diligence they made an informed decision to purchase. As a land professional educated in the local Texas market, those that have cash and find the "hidden treasures" can and will most likely dictate policy.
In the San Antonio market, residential properties are holding their values and in the rural market the same holds true for land prices especially in the Texas Hill Country.
You're considered smart if you do your homework and NOT follow the herd.
hey wild, i'm one of those who did his homework and NOT followed the herd... just purchased a 4br house (circa 1847) with a 2 br cottage and 2 car garage in rural nj... CASH/outright. the property is tucked into a sleepy little town established in the 1740's, well before this country was established.
from the way i stumbled upon it, brokered the deal, right up to the closing, everything i did was "unconventional". the property was sold to settle the estate of a 96 year old woman and although all the structure and mechanics of the property are solid, it needs (during the next few years) some serious upgrades... electrical, roofs, septic, kitchens/baths, etc. while removing cabinetry and relocating the kitchen sink, i came accross newspapers (stratigically placed) from 1970... i'm fairly certain the last "updating" done to this house.
i paid 75k cash for this property with a TAX ACCESSED value of 200k. i've searched and found comp properties in the area which have sold and/or been listed from 250-425k. i have approximately 75-100k to bring this diamond in plain view into 2009 and am struggling with how to go about doing so... borrow or go it alone (over time). i'm in another forum and being told do not borrow... you'll lose the property. i very confident i can pull a loan off, without any problem. if interested, my post is just bought a house cash/outright need advice.
anyhow, sorry for hijacking the thread but i had to respond to your comments about finding "hidden treasures" and not following the "herd"... as i put it, too many "SHEEPLE" out there!!! i totally agree and will add... you need to know where YOU are going not where everyone else is "gravitating" towards. thanks, hope all is well. have a good one.
KC you're absolutely right. After these cash buyers have done their due diligence they made an informed decision to purchase. As a land professional educated in the local Texas market, those that have cash and find the "hidden treasures" can and will most likely dictate policy.
In the San Antonio market, residential properties are holding their values and in the rural market the same holds true for land prices especially in the Texas Hill Country.
You're considered smart if you do your homework and NOT follow the herd.
i agree, as an investor, i can tell you i am excited to buy more property. i am waiting until the banks unfreeze some of their money and loan it out. i have my eyes set in a few areas and spend most of my day watching the banks, reading articles, and researching specific tax breaks dealing with areas i am interested in. once they start loaning, prices will rise again. for them to start loaning, we will need a stronger economy. i think all of the doomsday prophecies about our economy are silly. yes the market might crash again in 2009, but this is a perception of our economy. we need a return to privately held companies. anyway, i think for some people this is a great time to buy, but i am waiting for at least another 6 months. keep an eye on the good deals because they will get better.
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