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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Would you buy a home right now
If you had the 20% down payment and could get a 15 year mortgage for less than 6% interest, would you buy right now or wait it out and see?
We saw a co-op apartment we liked (in Brooklyn) and just can't pull the trigger and buy right now. Its a 2bdrm/2bath, nice place, excellent price with an anxious seller. We can live there for the next 5 years or so.
Wondering if other people are sitting on the fence like we are or if we're trying to time the market too much. I know people say it's always a good time to buy (if you have the down payment) but I am starting to sense some panic here in my part of Brooklyn.
Any advice that might help us decide is much appreciated.
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Posted 2/20/08 7:46 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: Would you buy a home right now
If you have the $ I would buy now. Interest rates are low, & prices are as close to reasonable as they have been for a long time.
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| Posted 2/20/08 7:56 PM |
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randella
Love my little man
Member since 8/05 16290 total posts
Name:
Randi
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Re: Would you buy a home right now
I feel like it's a good time to buy. Interest rates are low, and home prices are down-- it's the double whammy of good things in real estate. But, I'm no expert.
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| Posted 2/20/08 7:56 PM |
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cjb88
Little Brother
Member since 5/05 3540 total posts
Name:
C
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Re: Would you buy a home right now
compared to when we bought- hell yeah!
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| Posted 2/20/08 7:57 PM |
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Re: Would you buy a home right now
Yes, but only if it was a long term thing. I just don't know how the market will be it's to unpredictable,a nd lord knows for how long.
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| Posted 2/20/08 8:00 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: Would you buy a home right now
my opinion is- I waited this long and I can wait a few more months
I plan to buy with in the next year- and it will be my forever house
even if rates go up alittle- it's always better to get a lower price - b/c you can re-fi the higher rate- but you can't do anything about the purchase price
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| Posted 2/20/08 8:03 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Would you buy a home right now
Posted by Beth1210
my opinion is- I waited this long and I can wait a few more months
ditto
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| Posted 2/20/08 8:08 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Would you buy a home right now
If you're in the market for a place & the place is right...get it.
If you're not & it's not...then don't.
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| Posted 2/20/08 8:25 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Would you buy a home right now
I just saw an article that basically compared buying now to waiting a year.
basically if you buy now w. the present interest rate you'd pay less than if you bought a year from now with prices down 10% and the rate up a point.. so i think it's a good time to buy- we're actually hopefully going to pull the trigger soon.
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| Posted 2/20/08 8:32 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Would you buy a home right now
it depends on what part of Brooklyn.
there market is going to be teeming wiht apts once all of these places in construction are finished.
My bet is that prices will drop b/c of competition. this is also my hope 
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| Posted 2/20/08 8:38 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Would you buy a home right now
Posted by Sassyz75
I just saw an article that basically compared buying now to waiting a year.
basically if you buy now w. the present interest rate you'd pay less than if you bought a year from now with prices down 10% and the rate up a point.. so i think it's a good time to buy- we're actually hopefully going to pull the trigger soon.
I have such a problem with this. does the author have a crystal ball? how does he/she know what the market will be like next year 
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| Posted 2/20/08 8:40 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: Would you buy a home right now
Posted by SweetestOfPeas
Posted by Sassyz75
I just saw an article that basically compared buying now to waiting a year.
basically if you buy now w. the present interest rate you'd pay less than if you bought a year from now with prices down 10% and the rate up a point.. so i think it's a good time to buy- we're actually hopefully going to pull the trigger soon.
I have such a problem with this. does the author have a crystal ball? how does he/she know what the market will be like next year
and again- focusing on the rate is backwards thinking- you should be more concerned with the price of the house- you can always re-fi to a lower rate- but you can't change the price you paid for the house
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| Posted 2/20/08 9:23 PM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: Would you buy a home right now
I agree with whomever said it's a good time to buy if you're in it for the long haul. I wouldn't be buying a house right now (which I am) if I wasn't going to stay there at least ten years. I don't see the market recovering enough in that time span for a short term purchase to be worthwhile. But, I am a music teacher, not a RE expert, so who knows if I'm right or not
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| Posted 2/20/08 9:27 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: Would you buy a home right now
I think it's a good time to buy if you are ready to buy. You can't time the market, but with prices down and rates down, it's as good a time as any.
Pulling the trigger when you are ready and can afford it are the two big variables.
I also agree that condos are better investments than coops and much less aggravation.
Refinancing down the road costs money and that will be added to your mortgage if you don't pay them up front. That increases your debt.
I think the market will stay soft for sellers until mid 2009, but I think if you are ready and want to buy, you should. This is based on info I've read from some "experts" in the field and conversations with the same.
Talk to a financial person about how to structure your mortgage, not a broker or banker.
good luck!
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| Posted 2/20/08 9:59 PM |
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invivo96
LIF Zygote
Member since 2/08 6 total posts
Name:
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Re: Would you buy a home right now
Wait, prices will continue to go down. If you waited this long to buy why not wait a little longer. Anyone buying a house now is not being very smart.
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| Posted 2/21/08 11:18 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Would you buy a home right now
Posted by invivo96
Wait, prices will continue to go down. If you waited this long to buy why not wait a little longer. Anyone buying a house now is not being very smart.
since you can predict the future - how about sharing the winning numbers to Mega Millions???
I think if you are planning to live in the house for at least 5 years - its a great time to buy. Prices are low and rates are low.
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| Posted 2/21/08 11:24 AM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: Would you buy a home right now
It's all about the property, the location and the price.
We just bought in October and got a good rate and got the house at a good price (of course, we hurt our neighbor's comps!). Another house in the neighborhood is for sale and it's listed higher than ours and is in worse condition with worse property. I expect it to go for under what we paid (if the buyer is smart!). I'm comfortable with when we pulled the trigger (however, our rate at the time was LOWER than the average due to a special professional program we used).
If you like this place and you can get it a comfortable price, go for it. I'm much more concerned about purchase price than the interest rate.
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| Posted 2/21/08 11:27 AM |
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freckles
Love My Little Man!
Member since 5/07 1825 total posts
Name:
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Re: Would you buy a home right now
Posted by KerriSteve
If you have the $ I would buy now. Interest rates are low, & prices are as close to reasonable as they have been for a long time.
Totally agree with the above!
Of course there's a chance prices will drop even further but if you really like the place and have the $, why pass it up?
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| Posted 2/21/08 11:33 AM |
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Bebalina
<3
Member since 6/05 2922 total posts
Name:
N
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Re: Would you buy a home right now
Personally I dont' see the market going down. Very few areas may, but I believe the prices are what they are and won't budge by much. I also don't see them sky rocketing in value again in the near future. so if you really want to buy your going to buy.
Thats my 2 cents...
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| Posted 2/21/08 11:45 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Would you buy a home right now
Posted by freckles
Posted by KerriSteve
If you have the $ I would buy now. Interest rates are low, & prices are as close to reasonable as they have been for a long time.
Totally agree with the above!
Of course there's a chance prices will drop even further but if you really like the place and have the $, why pass it up?
I agree too.
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| Posted 2/21/08 11:47 AM |
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MrsPornStar
Partners in crime
Member since 10/05 14656 total posts
Name:
Mama
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Re: Would you buy a home right now
Posted by invivo96
Wait, prices will continue to go down. If you waited this long to buy why not wait a little longer. Anyone buying a house now is not being very smart.
Well, thanks for saying I am not smart.
How do you know what is going to happen in the future?
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| Posted 2/21/08 11:54 AM |
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MrsPornStar
Partners in crime
Member since 10/05 14656 total posts
Name:
Mama
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Re: Would you buy a home right now
Posted by freckles
Posted by KerriSteve
If you have the $ I would buy now. Interest rates are low, & prices are as close to reasonable as they have been for a long time.
Totally agree with the above!
Of course there's a chance prices will drop even further but if you really like the place and have the $, why pass it up?
I agree. We've been looking for over a year. We finally found a place we plan on staying in for at least the next 5 years. The price was right and the interest rates are great. So while we could have waited, we decided now was the right time for us to buy. We have the money, love the place and it seemed right.
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| Posted 2/21/08 11:56 AM |
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LIMOMx2
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Member since 5/05 24989 total posts
Name:
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Re: Would you buy a home right now
I would buy now. Esp if you have nothing to sell.
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| Posted 2/21/08 12:06 PM |
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LisaI
Momma's Little Beans
Member since 1/06 3923 total posts
Name:
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Re: Would you buy a home right now
If you have nothing to sell, ready to purchase for the long haul and have the money to put down than absolutely.
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| Posted 2/21/08 12:08 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Would you buy a home right now
If you love it, and it's priced fairly - buy it.
There's no guarantee that the prices will go down in the area that you are looking in and there's no guarantee there will be a comparible unit available later on.
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| Posted 2/21/08 12:19 PM |
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