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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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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.
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Posted 3/1/08 1:47 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Aga
hello baby Albert
Member since 9/05 7750 total posts
Name:
Aga
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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 
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| Posted 3/1/08 3:40 PM |
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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!
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| Posted 3/1/08 3:42 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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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.
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| Posted 3/1/08 6:13 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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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.
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| Posted 3/1/08 6:36 PM |
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lovemy2boys
LIF Adult
Member since 10/07 3915 total posts
Name:
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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.
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| Posted 3/1/08 10:36 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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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!
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| Posted 3/1/08 10:40 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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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 ++
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| Posted 3/1/08 11:11 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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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
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| Posted 3/1/08 11:14 PM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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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%
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| Posted 3/2/08 9:28 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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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.
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| Posted 3/2/08 9:46 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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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.
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| Posted 3/2/08 9:48 AM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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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.
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.
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| Posted 3/2/08 11:33 AM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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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 
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| Posted 3/2/08 11:40 AM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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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.
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| Posted 3/2/08 11:41 AM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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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!
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| Posted 3/2/08 11:44 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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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%
 that is AWESOME! good for you!
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| Posted 3/2/08 12:06 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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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.
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| Posted 3/2/08 12:10 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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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"
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| Posted 3/2/08 12:14 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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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 $$ and love the house I wouldnt take the chance to try to time the market.
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| Posted 3/2/08 7:42 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is now a good time to buy a house (first time buyer?)
Posted by SweetestOfPeas
Posted by Ik1
In July the next bach of Foreclosures are going to go thru so we are waiting till then because it wil lower the housing prices and we spoke with a morgae broker yesterday who told us the same thing. Supply and Demand.
I spoke with a rep at BFCU 2 weeks ago and she told me the same thing. she basically said "you think there are a lot of homes for sale now, just wait till the spring/summer"
yep- this is very true- only the first round of adjustable rated mortgages have adjusted- things are going to get worse before they get better
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| Posted 3/2/08 7:47 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is now a good time to buy a house (first time buyer?)
Posted by Meaghan729
Yes, if you plan on staying in the house for at least 5 years.
I think prices in certain areas may go down a bit more, but if you have the $$ 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
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| Posted 3/2/08 7:48 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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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.
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| Posted 3/2/08 8:11 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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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.
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| Posted 3/2/08 8:19 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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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.
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| Posted 3/2/08 11:08 PM |
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