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Is now a good time to buy a house (first time buyer?)

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JenniferEver
The Disney Lady

Member since 5/05

18163 total posts

Name:
Jennifer

Is now a good time to buy a house (first time buyer?)

Yes or No?

And why?

It seems like it would be good since prices are low, but I'm not sure how the othr economic factors would impact this decision.

I have NO clue about these things honestly.

Posted 3/1/08 1:47 PM
 
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Aga
hello baby Albert

Member since 9/05

7750 total posts

Name:
Aga

Re: Is now a good time to buy a house (first time buyer?)

Ellen had that guy from Mad Money on and he said that he will be investing in real estate in about 18 months, that that would be a good time to buy a house... myself, I dont know much Chat Icon

Posted 3/1/08 3:40 PM
 

PeasandCarrots

Member since 5/07

9579 total posts

Name:
L

Re: Is now a good time to buy a house (first time buyer?)

Yes......if you can afford to get a house right now and it's in your future why not? If you're looking to "flip" then no, but if you're looking for a family home to stay in I would. We bought our 1st house last Feb adn I do not regret it at all!

Posted 3/1/08 3:42 PM
 

dm24angel
Happiness

Member since 5/05

34581 total posts

Name:
Donna

Re: Is now a good time to buy a house (first time buyer?)

Not only the Mad Money show but more then a few others say if you can wait...wait another 12-18 months b/c the interest rates WILL without a doubt go lower and you will get a better deal.

Posted 3/1/08 6:13 PM
 

donegal419
St. Gerard, pray for us.

Member since 7/07

7650 total posts

Name:
K

Re: Is now a good time to buy a house (first time buyer?)

yes! we have about another 8 months they say...

Also, in addition to prices dropping, the Fed. is lowering interest rates again, so even if in a year the houses might be a little lower, the interest rate may not be.

Posted 3/1/08 6:36 PM
 

lovemy2boys
LIF Adult

Member since 10/07

3915 total posts

Name:

Re: Is now a good time to buy a house (first time buyer?)

I personally will not be buying anytime soon. the economy is really bad right now so DH and I are going to hold off till things become a little more stable.

Posted 3/1/08 10:36 PM
 

SpiceGirl
Dream big

Member since 1/06

2486 total posts

Name:
j

Re: Is now a good time to buy a house (first time buyer?)

You should only buy if you're financial able to do so. The market is really good for buyers right now, but as everyone else has mentioned, the experts say it's only going to get better (for buyers). We just purchased a home, if I could have waited I would have, but with baby #2 on the way...it was the right time for us.

On that note, it is extremely hard to get the timing right on these things. No one really knows where the bottom of the real estate market is...now, 12 mos, 18 mos..some say 3 more years!

Good luck!

Posted 3/1/08 10:40 PM
 

SweetestOfPeas
J'taime Paris!

Member since 3/06

32345 total posts

Name:

Re: Is now a good time to buy a house (first time buyer?)

the prices IMO aren't as low as they're going to get. and on LI, they haven't gone down a lot. at least not in the range DH and I are looking in. what we have seen is more inventory and homes in better shape, but they're still pretty high IMO. and with the taxes, ouch.

I think the bracket of homes that have gone down more around here are the homes that were $500K ++

Posted 3/1/08 11:11 PM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: Is now a good time to buy a house (first time buyer?)

Posted by SweetestOfPeas

the prices IMO aren't as low as they're going to get. and on LI, they haven't gone down a lot. at least not in the range DH and I are looking in. what we have seen is more inventory and homes in better shape, but they're still pretty high IMO. and with the taxes, ouch.

I think the bracket of homes that have gone down more around here are the homes that were $500K ++



I agree

I just started looking again- and while there are alot more houses and the prices are better- I haven't seen anything that I MUST buy

but rates are less of an issue for me- b/c of my DH job- I can re-fi for next to nothing

but even if rates go up- it's is always better to pay less for the house

Posted 3/1/08 11:14 PM
 

2girlsforme
LIF Adult

Member since 8/06

3071 total posts

Name:
XXXXXXXXX

Re: Is now a good time to buy a house (first time buyer?)

Posted by Beth1210

Posted by SweetestOfPeas

the prices IMO aren't as low as they're going to get. and on LI, they haven't gone down a lot. at least not in the range DH and I are looking in. what we have seen is more inventory and homes in better shape, but they're still pretty high IMO. and with the taxes, ouch.

I think the bracket of homes that have gone down more around here are the homes that were $500K ++



I agree

I just started looking again- and while there are alot more houses and the prices are better- I haven't seen anything that I MUST buy

but rates are less of an issue for me- b/c of my DH job- I can re-fi for next to nothing

but even if rates go up- it's is always better to pay less for the house



I also agree. I watch the local market pretty closely, and am currently looking for an investment property (under $300K and in that market, the numbers are starting to make some sense). What I have noticed that homes that were listing last year in the $800"s and $900's are now listing close to $100K less (I'm referring to the same homes that are still on the market or were taken off and put back on).

I also think that price, not interest rates should be the starting point. Rates are still fairly low, but can always be re-fianced. The price you pay for your home, can never be. When I bought my home 11 years ago I had a rate of 8%, no points. At the time, it was an excellent rate. When I re-fied five and half years ago, I went down to a 15 year loan , with a rate of 4.8%

Posted 3/2/08 9:28 AM
 

sunnyplus3
:)

Member since 11/05

8749 total posts

Name:

Re: Is now a good time to buy a house (first time buyer?)

Its only a goodtime to buy if you can truly afford the house you buy without being stretched, have a nice emergency fund and you get a conventional mortgage & you find a house you love at a fair price.
Real estate is usually the biggest purchase people make but only recently have people viewed it as a cash cow. If you are looking to live in the home & not make money off of it in the next 3-5 years you will be good.

I do believe home prices are going to continue to go down over the next 12-18 months but I'm assuming you are paying to live somewhere now & if you found a house you love it would make sense to start putting that rent money toward real estate you own & start to reap some of the tax benefits of being a homeowner.

Posted 3/2/08 9:46 AM
 

Blu-ize
Plan B is Now Plan A

Member since 7/05

32475 total posts

Name:
Susan

Re: Is now a good time to buy a house (first time buyer?)

I think within the next year is a good time. It may take you that long anyway to find the home, get the financing and close.

The rates are very good, the home prices have gone down and if you are financially ready, pull the trigger if you plan on staying in the home long term.

I wouldn't buy now if your time horizon is less than 5 years, meaning if you don't plan on keeping the home for less than 5 years.

Posted 3/2/08 9:48 AM
 

MrsD06
LIF Toddler

Member since 9/07

478 total posts

Name:

Re: Is now a good time to buy a house (first time buyer?)

Interest rates are at historical lows. Why wait because the rates MIGHT be lower a year or longer from now? If you find a house now that you love and are financially ready to buy, it's absolutely a great time to buy. Prices MIGHT continue to go down, and interest rates also MIGHT, but nothing is certain or we would all be rich off of real estate. Chat Icon

We're waiting because we would like to have some more money saved. We need to save for at least a few more months before we feel "ready". Once we hit our minimum goal, we plan on starting to look, and if we find something great, we'll go for it. But with the market the way it is, we see no need to rush into anything since we don't mind saving more anyways.

Message edited 3/2/2008 11:33:26 AM.

Posted 3/2/08 11:33 AM
 

MrsD06
LIF Toddler

Member since 9/07

478 total posts

Name:

Re: Is now a good time to buy a house (first time buyer?)

Posted by SweetestOfPeas

the prices IMO aren't as low as they're going to get. and on LI, they haven't gone down a lot. at least not in the range DH and I are looking in. what we have seen is more inventory and homes in better shape, but they're still pretty high IMO. and with the taxes, ouch.

I think the bracket of homes that have gone down more around here are the homes that were $500K ++



I have seen this too. As prices come down the taxes are relatively higher on the "nicer" houses that are now priced a little lower and are in our range. I've also seen lots of houses in the high 470s to mid 500s go down over the past year. This seems to be affecting the lower ranges, as well, but not as much as I'd like yet Chat Icon

Posted 3/2/08 11:40 AM
 

bigspender
Back to school

Member since 4/07

1385 total posts

Name:
Irene

Re: Is now a good time to buy a house (first time buyer?)

In July the next bach of Foreclosures are going to go thru so we are waiting till then because it wil lower the housing prices and we spoke with a morgae broker yesterday who told us the same thing. Supply and Demand.

Posted 3/2/08 11:41 AM
 

MrsD06
LIF Toddler

Member since 9/07

478 total posts

Name:

Re: Is now a good time to buy a house (first time buyer?)

Posted by Ik1

In July the next bach of Foreclosures are going to go thru so we are waiting till then because it wil lower the housing prices and we spoke with a morgae broker yesterday who told us the same thing. Supply and Demand.



This is good to know. Thanks for posting this info!

Posted 3/2/08 11:44 AM
 

SweetestOfPeas
J'taime Paris!

Member since 3/06

32345 total posts

Name:

Re: Is now a good time to buy a house (first time buyer?)

Posted by 2girlsforme

Posted by Beth1210

Posted by SweetestOfPeas

the prices IMO aren't as low as they're going to get. and on LI, they haven't gone down a lot. at least not in the range DH and I are looking in. what we have seen is more inventory and homes in better shape, but they're still pretty high IMO. and with the taxes, ouch.

I think the bracket of homes that have gone down more around here are the homes that were $500K ++



I agree

I just started looking again- and while there are alot more houses and the prices are better- I haven't seen anything that I MUST buy

but rates are less of an issue for me- b/c of my DH job- I can re-fi for next to nothing

but even if rates go up- it's is always better to pay less for the house



I also agree. I watch the local market pretty closely, and am currently looking for an investment property (under $300K and in that market, the numbers are starting to make some sense). What I have noticed that homes that were listing last year in the $800"s and $900's are now listing close to $100K less (I'm referring to the same homes that are still on the market or were taken off and put back on).

I also think that price, not interest rates should be the starting point. Rates are still fairly low, but can always be re-fianced. The price you pay for your home, can never be. When I bought my home 11 years ago I had a rate of 8%, no points. At the time, it was an excellent rate. When I re-fied five and half years ago, I went down to a 15 year loan , with a rate of 4.8%

Chat Icon that is AWESOME! good for you!

Posted 3/2/08 12:06 PM
 

SweetestOfPeas
J'taime Paris!

Member since 3/06

32345 total posts

Name:

Re: Is now a good time to buy a house (first time buyer?)

Posted by KellyFG


I do believe home prices are going to continue to go down over the next 12-18 months but I'm assuming you are paying to live somewhere now & if you found a house you love it would make sense to start putting that rent money toward real estate you own & start to reap some of the tax benefits of being a homeowner.

this I agree with - if DH and I came across a house that we absolutely LOVED everything about, we would not hesitate to make an offer. BUT - we're not going to buy, just to buy. thankfully, we're in a situation where *can* wait it out if we want to. we don't have anything to sell first, which I think is a huge factor.

my boss is in love with a house that has been on the market for a long time. the sellers of the house she lloves won't accept an offer unless the buyers house is in contract or they have nothing to sell. they had 2 different buyers who own a house pull out of contract b/c they couldn't sell their current house. so she is listing her house first and praying that she can sell it quickly so that she can get the other one.

Posted 3/2/08 12:10 PM
 

SweetestOfPeas
J'taime Paris!

Member since 3/06

32345 total posts

Name:

Re: Is now a good time to buy a house (first time buyer?)

Posted by Ik1

In July the next bach of Foreclosures are going to go thru so we are waiting till then because it wil lower the housing prices and we spoke with a morgae broker yesterday who told us the same thing. Supply and Demand.

I spoke with a rep at BFCU 2 weeks ago and she told me the same thing. she basically said "you think there are a lot of homes for sale now, just wait till the spring/summer"

Posted 3/2/08 12:14 PM
 

MegZee
My bunny

Member since 5/06

8777 total posts

Name:
Meaghan

Re: Is now a good time to buy a house (first time buyer?)

Yes, if you plan on staying in the house for at least 5 years.

I think prices in certain areas may go down a bit more, but if you have the $$ and love the house I wouldnt take the chance to try to time the market.

Posted 3/2/08 7:42 PM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: Is now a good time to buy a house (first time buyer?)

Posted by SweetestOfPeas

Posted by Ik1

In July the next bach of Foreclosures are going to go thru so we are waiting till then because it wil lower the housing prices and we spoke with a morgae broker yesterday who told us the same thing. Supply and Demand.

I spoke with a rep at BFCU 2 weeks ago and she told me the same thing. she basically said "you think there are a lot of homes for sale now, just wait till the spring/summer"



yep- this is very true- only the first round of adjustable rated mortgages have adjusted- things are going to get worse before they get better

Posted 3/2/08 7:47 PM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: Is now a good time to buy a house (first time buyer?)

Posted by Meaghan729

Yes, if you plan on staying in the house for at least 5 years.

I think prices in certain areas may go down a bit more, but if you have the $$ and love the house I wouldnt take the chance to try to time the market.



loving the house is the issue for most of us I think

I have yet to see anything that I even want to waste my gas to go look at

if I found a house I really loved- I would buy it - but I wont settle at this point

Posted 3/2/08 7:48 PM
 

leese
Sarge!

Member since 5/05

1965 total posts

Name:
Leese

Re: Is now a good time to buy a house (first time buyer?)

I agree with most other posters. I think first off you have to find the right house. We looked for over a year and finally the right house, right location and right PRICE came along.

If you are on the fence about buying real estate at this point, I'd wait. But if you are itching, then scratch it... and see if you can get a great deal. Just don't settle.

Posted 3/2/08 8:11 PM
 

SweetestOfPeas
J'taime Paris!

Member since 3/06

32345 total posts

Name:

Re: Is now a good time to buy a house (first time buyer?)

Posted by Beth1210

Posted by SweetestOfPeas

Posted by Ik1

In July the next bach of Foreclosures are going to go thru so we are waiting till then because it wil lower the housing prices and we spoke with a morgae broker yesterday who told us the same thing. Supply and Demand.

I spoke with a rep at BFCU 2 weeks ago and she told me the same thing. she basically said "you think there are a lot of homes for sale now, just wait till the spring/summer"



yep- this is very true- only the first round of adjustable rated mortgages have adjusted- things are going to get worse before they get better

my BIL (who is really into this stuff) thinks that a lot of people are stretching themselves to the max (running up CC bills, dipping into their 401k's, personal loans, etc) in order to stay in a house they cannot afford... so that they won't lose $ selling. he said people who are playing this game can't do it forever.

Message edited 3/2/2008 8:20:10 PM.

Posted 3/2/08 8:19 PM
 

JandJ1224

Member since 6/06

5911 total posts

Name:
Jannette

Re: Is now a good time to buy a house (first time buyer?)

We plan on continuing to save for a while. I am thinking prices will continue to go down. I am not really too concerned about interest rates going up because if they go high I think prices will have to drop accordingly. People won't be able to afford high prices and high rates.

Posted 3/2/08 11:08 PM
 
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