Is it a good time to buy?

Is it a good time to buy? Or do you all think its better to wait till the end of the summer or even into fall?

I see so many houses on the market. But the interest rates are rising. I understand its hard to predict the future but I was curious to hear everyone's opinions.

Re: Is it a good time to buy?

i WOULD BUY, PRICES ARE PLATEAUING. INTEREST RATES ARE CREEPING UP BUT SLOWLY

I WOULD DEF START LOOKING, YOU CAN PRIBABLY FIND SOME GOOD DEALS NOW

Re: Is it a good time to buy?

I've been rubbing my temples with this for a year now. I have concluded that there is no answer. You ask one person, interest rates will remain the same- another will tell you they are going to skyrocket with the new fed chairman. You ask one person if housing prices will drop (cnn article yesterday and fortune magazine this month) and they will say yes. However, WSJ this morning had an article that said prices have gone up still just at a much slower rate! I don't know what to believe!

But the one constant is that the summer is always hot and the late summer/fall is when people HAVE to get out. Some are putting their homes on for job transfers or if they have kids, the kids need to start school in September. So you can bargain a little more in these instances. Good luck!

I personally think prices will stay the same and interest rates will remain the same throughout the summer. But who knows!

Re: Is it a good time to buy?

I think if you have the money and the pre-qual and find a home you love, you should go for it. It's never going to be a "perfect" time...but being that the interest rates just went up and houses are not moving that quickly, you may have an advantage right now. Nothing can be guaranteed tomorrow, but right now looks the most promising I have seen in years.

Good luck!!

Re: Is it a good time to buy?

our opinion- me and my DH- DISCLAIMER- he is in the mortage business******

we are waiting- we feel that prices are going to drop- we would rather pay a little more for the mortgage then buy a house and have the value drop- but I can also re-fi anytime I want to for free and I am going to get the best rate possible b/c of his connections

I know from experince right now- that the market has slowed down- my Dad's house is for sale- and things have been very slow- his friend is our agent and has been very truthful with him- that this is the slowest spring she has ever seen

I think a lot of people are waiting- and that is going to drive prices down as people get desparte- esp towards the end of the summer- when the school year starts- ( people like to start their kids off in the new school)

I know that my Dad already bought another house- and needs to sell this one- my Inlaws just came down 4% after the house was on the market for 2 months

this is all just my opinion- and my DH opinion

Re: Is it a good time to buy?

Real estate is a long term investment. If you are financially ready... then its always time to buy.

Re: Is it a good time to buy?

Re: Is it a good time to buy?

Re: Is it a good time to buy?

Re: Is it a good time to buy?

i DONT THINK THE PRICES WILL GO DOWN TO WHAT THEY WERE 7 YEARS AGO, THOUGH
INTEREST RATES WILL CONTINUE TO RISE BUT WILL THEY SHOOT UP IN ONE SHOT TO 10% DOUBT IT

ALSO REFINANCING I GREAT BUT IF THE INTEREST RATES ARE HIGH WHAT IS ONE REFINANCING TOO?

Message edited 5/16/2006 12:41:29 PM.

Re: Is it a good time to buy?

I think the best deals are in December and January b/c that is when there are the fewest buyers looking, however, you are left with what ever was left over after the Spring/Summer season.

The interest rates are still increasing and Bernakie and the FED have not indicated that they are going to stop raising rates. They even said they were trying to head off inflation so to me that means the rates will still increase. So yes, you could buy a home and have an ok rate, but not everyone can refinance for nothing. Refinancing can cost about $10,000. To me, that is a lot of $.

I would not do an ARM, or no money down mortgage. If that is all you can afford then to me that means you cannot afford the house, otherwise you run the risk of becoming upside down on your mortgage. Others may feel differently, and if you can get a house for substantially less than it is worth or are remodeling and can DIY yourself maybe it is ok, but for most, at this point in time an ARM for the entire mortgage is not ideal. If you can get a fixed 30 year mortgage that is ideal. If you had 80% fixed that is not bad either. But to me an IO or entirely ARM mortgage is not the way to go at this point in time.

Re: Is it a good time to buy?

Re: Is it a good time to buy?

Re: Is it a good time to buy?

Thank you everyone for your inputs. I guess my DH and I will have to discuss it more and figure out what is best for us financially and otherwise.

Re: Is it a good time to buy?

Who knows? It's a strange market right now, and it's not clear that anyone (buyers or sellers) are doing well.

I do know we started looking at houses a couple months ago, and at least two that we liked are still for sale. Many others that we liked less are still for sale as well, for that matter.

I do think interest rates will go up in the next year or so. Prices of houses will probably go down, but I agree with others that they are not likely to dip back to the level they were at seven or eight years ago.

As for DH and myself, we plan to stay in this home for a long time, till we retire unless something unforseen comes up. Since the competition among buyers seems quite low now and interest rates are not too bad, it seems the right time for us. If we are staying in this place 20+ years, a large drop in prices should not really hurt us.

Re: Is it a good time to buy?

DH and I have been looking as well. I think alot of houses on the market are still being priced too high, maybe some sellers and their agents dont want to price it a bit lower the way they are supposed to be right now w/ the high int. rates. There are a ton of houses on sale right now though, its crazy how many open house signs we see every weekend. I mean like 4 or 5 on each block.

We are going to keep looking and just wait. But I also dont think prices will go back down (or even close)to what they were like 3 years ago. I tihnk if you are looking really hard you'll find something. Our friends were looking everyday and found something they like and it was a good deal for the area. It was originally listed w/ an agent and didnt sell, when it expired they listed it by owner, and our friends were able to buy it cuz the asking price was much lower.