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drewsgirl
My loves
Member since 5/05 3221 total posts
Name:
Amanda
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look to buy now or wait?
What is eeryone doing who is looking for a house? Im tempted to try and find something right now bc the interest rates are so low, but i know soon enough the house prices will go down alot more..i mean i know it all works out to be somewhat the same in the end but dont know if im rushing into it just bc of the interest rates and wanting a house so bad (weve been looking on and off for 3 years)
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Posted 1/22/08 2:11 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: look to buy now or wait?
if you are financial and mentally prepared to buy, then buy. If you are planning on staying in your home for the long term and can afford the house, then it's the right time to buy.
You can't time the market.
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| Posted 1/22/08 2:24 PM |
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drewsgirl
My loves
Member since 5/05 3221 total posts
Name:
Amanda
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Re: look to buy now or wait?
thanks thats what i thought - i just have my parents in the back of my head always saying just wait you will see it drop so i get confused! lol thanks
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| Posted 1/22/08 2:26 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: look to buy now or wait?
I am also planning on buying really soon, but I am waiting till the summer when it gets even worst. I do not want to pay more than I have to.
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| Posted 1/22/08 2:52 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: look to buy now or wait?
I agree with the OP. When is it ever the "Best Time"?? You have to be mentally and financially prepared for it.
IMO, once I came across the house I wanted I was not going to let the deal pass and wait for it to "maybe" go down.
Does not hurt to look now and take it from there.
Best of luck 
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| Posted 1/22/08 2:54 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: look to buy now or wait?
Posted by Ik1
I am also planning on buying really soon, but I am waiting till the summer when it gets even worst. I do not want to pay more than I have to.
Why would it get worse in the summer? Normally market is much stronger in the spring and summer rather than now in the winter.
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| Posted 1/22/08 2:58 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: look to buy now or wait?
Posted by Goobster
Posted by Ik1
I am also planning on buying really soon, but I am waiting till the summer when it gets even worst. I do not want to pay more than I have to.
Why would it get worse in the summer? Normally market is much stronger in the spring and summer rather than now in the winter.
Because there will be more houses on the market in the summer. This housing problem is not going to get better any time soon. I have been looking now but why pay more now when prices are going to keep decreasing.
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| Posted 1/22/08 3:04 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: look to buy now or wait?
Posted by drewsgirl
thanks thats what i thought - i just have my parents in the back of my head always saying just wait you will see it drop so i get confused! lol thanks
my parents keep saying the same thing. but i agree with the OP, you can't time the market. if you find a house now, go for it. interest rates are low and people are being more flexible with prices. i say go for it! i am
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| Posted 1/22/08 3:10 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: look to buy now or wait?
There is no guarantee prices will keep decreasing. The interest rates are great right now - if you can afford it and are ready, then I'd buy now.
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| Posted 1/22/08 3:11 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: look to buy now or wait?
Posted by SweetTooth
There is no guarantee prices will keep decreasing. The interest rates are great right now - if you can afford it and are ready, then I'd buy now.
How could it no decrease they are talking recession. The housing market will get better but not anytime soon and I am aware of what is going on in our economy and I am waiting no one else has to but I will take my chances.
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| Posted 1/22/08 3:21 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: look to buy now or wait?
I agree with the APs. It's possible that the lowered interest rate will do exactly what they are hoping it will do. People will buy more houses, so less houses available, so higher prices again. You never know.
Another scenario: House prices are dropping, so existing homeowners are holding onto the houses they have so they don't lose money. Less houses on the market, so higher prices.
If you find the house you like, and you can afford it, then get it. 
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| Posted 1/22/08 3:21 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: look to buy now or wait?
Posted by Ik1
Posted by Goobster
Posted by Ik1
I am also planning on buying really soon, but I am waiting till the summer when it gets even worst. I do not want to pay more than I have to.
Why would it get worse in the summer? Normally market is much stronger in the spring and summer rather than now in the winter.
Because there will be more houses on the market in the summer. This housing problem is not going to get better any time soon. I have been looking now but why pay more now when prices are going to keep decreasing.
I woudl not say b/c there are more houses the prices will be less. Sure more to choose from, but spring and summer markets rarely show a decline in prices over winter markets.
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| Posted 1/22/08 3:27 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: look to buy now or wait?
I say if you see something that is right for you and you can afford it now, go for it. LI market doesn't cool half as much as other areas of the country, so don't sit around waiting for prices to keep dropping when they may never in the area of LI you are looking.
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| Posted 1/22/08 3:29 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: look to buy now or wait?
Posted by Goobster
I say if you see something that is right for you and you can afford it now, go for it. LI market doesn't cool half as much as other areas of the country, so don't sit around waiting for prices to keep dropping when they may never in the area of LI you are looking.
ITA.
We bought our house 10 months ago. The comparible homes in our area that have come on the market after ours have sold for the same or higher than what we paid. I have seen drastic reductions in homes that we could never have afforded (and still couldn't afford) but, everything else has been stable with where it was at this time last year in my area.
Also - even though there are more homes listed during the summer months, there usually are also more people looking so you might see competition from other potential buyers.
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| Posted 1/22/08 3:43 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: look to buy now or wait?
Posted by ali120206
[Also - even though there are more homes listed during the summer months, there usually are also more people looking so you might see competition from other potential buyers.
exactly, competition. Prices won't drop in the summer from what they are now, just will go up.
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| Posted 1/22/08 5:12 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: look to buy now or wait?
You cannot time the market but if it were me, I'd look seriously now and look to close before the summer.
Most people buy in the summer (read that as more competition for a house you may love) and most buyers with kids try to move in by the time school starts in September. Lots of people are getting their houses "ready" now to list when the weather breaks.
Also, houses tend to sell for less with snow on the ground. My PA realtor friend says she has seen prices drop $50K on a house from summer to winter. Granted, she is up in the mountains and a snow covered mountain is pretty so long as you don't have to drive over it to get home.
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| Posted 1/22/08 5:20 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: look to buy now or wait?
We bought our house in April '06 and the houses in our area have only dropped 15k because we live in a great school district that alot of people want to get into. I really think it depends on a lot of things. If someone needs to get out of their house and are willing to lose money it will sell if they are just testing the market they will not. It just really depends on each seller's situation and the price of the home. My parents said the same thing your parents are saying wait a little longer and we wanted a house. If I decided to sell today I would lose money BUT I don't plan on selling for another 5 years or so and by then it will probably be back on the upswing--if not we will be ok and can stay in our home longer if necessary. You have to do what is good for you.
Good luck in whatever you decide.
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| Posted 1/22/08 5:24 PM |
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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: look to buy now or wait?
Posted by GoldenRod
I agree with the APs. It's possible that the lowered interest rate will do exactly what they are hoping it will do. People will buy more houses, so less houses available, so higher prices again. You never know.
Another scenario: House prices are dropping, so existing homeowners are holding onto the houses they have so they don't lose money. Less houses on the market, so higher prices.
If you find the house you like, and you can afford it, then get it.
exactly. We were talking about selling and upgrading our house, but now I'm not. We're going to sit tight. I'm in no rush.
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| Posted 1/22/08 5:37 PM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: look to buy now or wait?
Posted by GoldenRod
I agree with the APs. It's possible that the lowered interest rate will do exactly what they are hoping it will do. People will buy more houses, so less houses available, so higher prices again. You never know.
Another scenario: House prices are dropping, so existing homeowners are holding onto the houses they have so they don't lose money. Less houses on the market, so higher prices.
If you find the house you like, and you can afford it, then get it.
ITA. We are planning on putting our house on the market this spring but will not be giving it away. If nobody is willing to pay a fair price (and we will price very realistically), we just won't sell.
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| Posted 1/22/08 6:00 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: look to buy now or wait?
supply and demand. There are so many house up for sale and in the spring-summer there is even more yes some people who arent in a rush will wait it out and others who need to get out till take a loss.
The market is bad and I dont see it getting better, somepeople are still asking high because they dont want to sell low but eventually they will have to or take it off the market or wait as long as they have to for it to get better.
I will take that chance, you can do as you please.
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| Posted 1/22/08 6:37 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: look to buy now or wait?
Posted by GoldenRod
I agree with the APs. It's possible that the lowered interest rate will do exactly what they are hoping it will do. People will buy more houses, so less houses available, so higher prices again. You never know.
Another scenario: House prices are dropping, so existing homeowners are holding onto the houses they have so they don't lose money. Less houses on the market, so higher prices.
If you find the house you like, and you can afford it, then get it.
This is a great "other side"...
To the OP, you should look -- but don't be in a rush like people were in the past years. You can know really go into houses, wait a few days and think it through. Plus, you'll get more off the price.
We just bought and we were one of the ones who bought 10% below 2006's appraisal and 5% below the current appraisal. Our house is probably now closer to where we paid...but with improvements I think we shall be fine.
Also - if you are looking for a long term investment, I think you should look for the right house that in the long term will appreciate. Remember, location and property size are two things you can't change.
Good Luck!
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| Posted 1/22/08 6:44 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: look to buy now or wait?
Posted by Goobster
Posted by Ik1
Posted by Goobster
Posted by Ik1
I am also planning on buying really soon, but I am waiting till the summer when it gets even worst. I do not want to pay more than I have to.
Why would it get worse in the summer? Normally market is much stronger in the spring and summer rather than now in the winter.
Because there will be more houses on the market in the summer. This housing problem is not going to get better any time soon. I have been looking now but why pay more now when prices are going to keep decreasing.
I woudl not say b/c there are more houses the prices will be less. Sure more to choose from, but spring and summer markets rarely show a decline in prices over winter markets.
I agree. Spring and summer are typically the hot time to buy b/c people want to move before the next school year begins. There tends to be an influx of inventory and an increase in the number of buyers. I don't think there will be much of a decrease in the spring and summer.
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| Posted 1/22/08 6:59 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: look to buy now or wait?
Posted by GoldenRod
Another scenario: House prices are dropping, so existing homeowners are holding onto the houses they have so they don't lose money.
This definitely seems to be happening in my area. There were many more appealing houses (at least from the pictures) on the market in my area 1 - 1.5 years ago.
We've been seriously looking for a house since August. While a lot of houses sit on the market for a while, the nice houses that are priced right go very quickly (less than 1 week on the market). We haven't seen many great houses on the market. IMO this is because people who don't have to sell are reluctant to sell and either lose money or not make as much as they would have 2 or 3 years ago.
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| Posted 1/22/08 7:12 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: look to buy now or wait?
It's really hard to predict where the 'bottom' of the market is. You should purchase when you ready, financially. There's lots of bargains to be found right now. They say if that if a house isn't at least in contract by June/July then the seller may be more open to negotiate because people usually want to be in their new home by the new school year.
Take advantage of the low interest rates...who knows how long they'll stay this low!
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| Posted 1/22/08 8:02 PM |
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