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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: Would you buy a home right now
Posted by ali120206
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.
I totally agree. No one has a crystal ball - if the time is right for you, go for it.
Good luck!
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Posted 2/21/08 12:58 PM  |
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batm16
LIF Zygote
Member since 2/08 10 total posts
Name:
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Re: Would you buy a home right now
If prices dropped 10% and interest rates went up by only one point you actually pay the same amount. If you are interested i can do the math for you.
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| Posted 2/21/08 6:18 PM |
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Jax430
Hi!
Member since 5/05 18919 total posts
Name:
Jackie
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Re: Would you buy a home right now
Posted by MrsPornStar
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?
Hollie, we can be not-smart together! I'm glad that we were both so not-smart in locking in the lowest interest rate in YEARS!!
No one knows what's going to happen in terms of the housing market over the next year. There are all different predictions.
To the OP, I think that's a decent time to buy now. You can't wait for things to hit rock bottom, b/c you never know when that is going to be.
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| Posted 2/21/08 7:17 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
Posted by batm16
If prices dropped 10% and interest rates went up by only one point you actually pay the same amount. If you are interested i can do the math for you.
this is exactly what I said before and no one agreed with me.
the math proves it.
it doesn't always make sense to re-fi either- i think each home owner has to look at his/her situation b/f trying to refinance.
the rates are low and home prices are low. I've seen 35 houses personally on the South Shore of LI in Lindenhurst and West Babylon for between $299-$375.... I thought we'd never see those prices again. Granted- they're starter homes... but still. Starter homes 2 years ago were going for 450!
If you have the money and love the place- want to stay for at least 5 years- I still think it's a great time to buy.
I don't think the rate is going to raise anytime soon, and I'm also not sure if the rate is going to be lowered that much either- or else inflation will set in.
with that said- DH and I are pulling the trigger to buy now- whether it is smart or not... you need to live somewhere, and with the downpayment we have, we aren't paying that much extra to buy a house then rent the 3 bedroom house we'd need.
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| Posted 2/21/08 7:40 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
hey meaghan, I'm not into predicting the future but into making educated guesses. Advising anyone to purchase a house right now is irresponsible, unless your a real estate agent and need to make a commission.
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| Posted 2/21/08 8:23 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
Posted by invivo96
hey meaghan, I'm not into predicting the future but into making educated guesses. Advising anyone to purchase a house right now is irresponsible, unless your a real estate agent and need to make a commission.
you need somewhere to live.. so if you can afford it and plan to stay in the house, why such an irresponsible idea?
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| Posted 2/21/08 8:24 PM |
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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
Posted by invivo96
hey meaghan, I'm not into predicting the future but into making educated guesses. Advising anyone to purchase a house right now is irresponsible, unless your a real estate agent and need to make a commission.
It's really not irresponsible...that's a bit far-fetched.
Depending on where you live, the type of property and most importantly THE DEAL you can get is the most important.
Just because Jim Cramer says it, doesn't make it correct.
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| Posted 2/21/08 8:33 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 invivo96
hey meaghan, I'm not into predicting the future but into making educated guesses. Advising anyone to purchase a house right now is irresponsible, unless your a real estate agent and need to make a commission.
 
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| Posted 2/21/08 8:46 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
Just read the news and I'm talking about the financial news. Business Week had an excellent article about the prices of homes going down.
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| Posted 2/21/08 8:49 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
listen, its not just mr kramer. Excellent article in business week about the same topic, plus bloomberg. if not convinced just take a drive in Nassau county and see the for sale signs.
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| Posted 2/21/08 8:54 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 see the for sale signs everyone.
I'm not just 100% convinced that the bottom is going to drop out that much where home prices are going to be say 25-40% less than what they are now.
I listen to bloomberg a lot- mornings- from 5.30-7am- and I haven't heard anything that negative.
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| Posted 2/21/08 9:01 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
the rates are low and home prices are low. I've seen 35 houses personally on the South Shore of LI in Lindenhurst and West Babylon for between $299-$375.... I thought we'd never see those prices again. Granted- they're starter homes... but still. Starter homes 2 years ago were going for 450!
this I def agree with. I was just talking about this w/a friend of mine today. I am not only seeing so many more homes in our price range than I did 1-2 yrs ago, but they're in GREAT condition! completely updated, bigger homes, nice desirable areas. it's great!
the only houses we saw 1-2 yrs ago in our price range were condos and fixer houses in horrible shape.
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| Posted 2/21/08 9:05 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Would you buy a home right now
Its funny about seeinghouses bottoming out. I live in Valley Stream and houses are still selling close to what we paid 3 years ago (we under bid close to 20 something thousand but I dont think we were in one of the areas where the prices skyrocketed.
For me we bought 3 years ago and it was worth it because I love coming "home". Our apartment was not "home" it was just a place we slept and was comfortable.
So regardless of market we are happy.
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| Posted 2/21/08 9:10 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: Would you buy a home right now
We are also going to start looking for a house but not for another couple of months because I dont want to pay more for a home than I have to. In most towns prices have dropped. A friend sold there home in Merrick and 1 month after he sold it the bank reassed it for 36k less. If you dont want to take the chance then buy, but I am going to wait it out.
Message edited 2/21/2008 10:07:57 PM.
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| Posted 2/21/08 9:11 PM |
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batm16
LIF Zygote
Member since 2/08 10 total posts
Name:
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Re: Would you buy a home right now
there will always be bulls and bears, best thing imo that anyone can do is make an informed decision. Look at every piece of information you can and then make your decision. I have herd many different opinions on the topic and now that spring is coming interest rates will spike up a bit something to look out for.
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| Posted 2/21/08 9:16 PM |
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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
hey meaghan, I'm not into predicting the future but into making educated guesses. Advising anyone to purchase a house right now is irresponsible, unless your a real estate agent and need to make a commission.
definitely not a REA....still waiting for those mega millions number though
like above posters said...you need a place to live. Id rather pay for my own mortgage than someone elses, jmo.
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| Posted 2/21/08 9:44 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Would you buy a home right now
I think now is a good time to buy -- We are buying a seoond home in the next couple months.
HOWEVER, I think you can do well below 6% interest on a 15 year mortgage with 20% down.
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| Posted 2/21/08 9:49 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
A Mortgage is not smart when the house is severely overpriced which is the case in Long Island where I live and in many parts of the US. The Business Week article by Peter Coy on February 1 is regarding the housing situation and where it might end up. He is not the only one saying that. Imagine if prices go back to 2000 prices as the article suggests, I'd even help you to pick out the house myself.
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| Posted 2/21/08 10:15 PM |
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RadioLau
LIF Adult
Member since 4/07 2179 total posts
Name:
Laura
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Re: Would you buy a home right now
I would! DH and I would love to buy an investment property but we just don't even have close to the funds.
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| Posted 2/21/08 10:26 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Would you buy a home right now
Posted by invivo96
hey meaghan, I'm not into predicting the future but into making educated guesses. Advising anyone to purchase a house right now is irresponsible, unless your a real estate agent and need to make a commission.
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| Posted 2/21/08 10:41 PM |
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brandy11
LIF Infant
Member since 5/07 164 total posts
Name:
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Re: Would you buy a home right now
I would buy now if my home up for sale would sell. I was going to wait for awhile at first but slowly more and more I have been hearing the housing slump connected to the Media is Politically driven and having to do with the elections and what goes up must come down and vice versa.
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| Posted 2/21/08 10:55 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 brandy11
I would buy now if my home up for sale would sell. I was going to wait for awhile at first but slowly more and more I have been hearing the housing slump connected to the Media is Politically driven and having to do with the elections and what goes up must come down and vice versa.
so it has nothing to do with inflation, the sub-prime market collaspe and an economic down turn??
I read an article today blaming the terrosit from 9/11- just b/c someone writes it or says it- it doesn't make it true
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| Posted 2/21/08 11:00 PM |
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brandy11
LIF Infant
Member since 5/07 164 total posts
Name:
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Re: Would you buy a home right now
Posted by Beth1210
Posted by brandy11
I would buy now if my home up for sale would sell. I was going to wait for awhile at first but slowly more and more I have been hearing the housing slump connected to the Media is Politically driven and having to do with the elections and what goes up must come down and vice versa.
[so it has nothing to do with inflation, the sub-prime market collaspe and an economic down turn??
I read an article today blaming the terrosit from 9/11- just b/c someone writes it or says it- it doesn't make it true]
Yes, it has to do with the things you have mentioned, prices on homes are down and low mortgage rates. The Media has alot of influence on people, I'm not saying all but some and this certainly does not help the housing market either.
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| Posted 2/21/08 11:39 PM |
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Re: Would you buy a home right now
Buy! IR's will go down.
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| Posted 2/22/08 4:35 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Would you buy a home right now
I'm always looking to buy more investment properties & I study the Long Island market regularly for sport & have been since 1988.
Certain LI areas have taken a huge hit in values already & will continue to decline because of high inventory, defaults & less qualified buyers trying to get mortgages on those homes.
Other LI areas are going to go through the slowest spring & summer in 7-8 years, then after the election people will regain confidence, the media will change its tune & things will level off.
Historically co-ops take bigger hits than condos, true townhouses will do a little better but all will be worse off than a traditional home.
The real deal is, if you are buying a home to live in & you find one you love, you buy well within your means, you get a conventional mortgage & you don't have plans to sell in the next 3-5 years, then you should buy now. You have to live somewhere, and real estate long term almost always is a winning investment. Now is not the time to suck all of the equity of your house or think that its going to double in value in the near future.
JMO of course, but I'm usually right.
I've tried it with picking winning Lotto numbers & it doesn't work.
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| Posted 2/22/08 6:58 AM |
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