The fact of the matter is...if you're trying to ';time'; the market...you might as well throw darts at a spinning board. It really comes down to comfort level for the buyer. You're the one that has to be comfortable with whatever you purchase. You can get some fantastic deals through foreclosure, or short sales. There are also a lot of builders out there that are willing to give heavy discounts on inventory properties as well. Would I suggest buying now...personally...yes. But, if you don't have to buy now...why do it? There likely will not be such a drastic flux in the market in the next 12 months that would make much of a difference to you. Whatever happens in the market between now and then will likely be someone gradual.Buy or not buy House in US now?
Home prices in the US have been falling for 3 years, though Texas hasn't seen the worst depreciation. Obviously, no one wants to buy at the top of the market, and that isn't the case in Texas. Just as obviously, no one wants to buy and watch their investment continue to drop in value. The chances of that happening over the next 3-5 years in Texas are slight, and every month makes them more so. Don't buy and think you can sell for a profit in a year or two. Buy and enjoy the benefits of home ownership, the tax deductions and the natural equity growth. Don't rely on appreciation, and maybe you will be pleasantly rewarded.
There is no way to buy at the bottom of a market without luck or divine guidance. You might benefit from the former, the latter is not something you should rely on. Buy if the home looks good to you and you will be there for several years.
If you must buy a home, buy it when you find a home you love, in a neighborhood you like a lot, at a price you are comfortable with. Mortgage rates are still low, but it is not completely a buyers market in most areas any longer so don't expect to see a bottom feeder contract get accepted. If the home is being sold short, expect to get a home that has been trashed, by an owner that is living in the home and hating the fact that he is losing it, and this gem is going to be delivered to you from a bank that is going to abuse you from day one. A foreclosure is a lot better but don't expect a normal transaction. Better yet, buy a home from a seller that has equity, they can bargain in good faith without losing money, do you think a banker that is seeing his bank lose $20,000-$200,000 is going to care about the buyer of that short sale?
I think we will keep dropping for awhile and its not a great time. Still, who knows - this could be the bottom, but even if it is its not like prices are going to go up really quickly - not really much harm in waiting.
Also, local market conditions may be the real key here. If things in your market are holding steady, or even going up (its possible) then sure go ahead and buy; but if they are deteriorating then you may want to wait - that trend probably won't change anytime real soon.
I would say it is time to buy. It is a buyers market and lowball offers are in. (lol) Even though the banks are getting strict on their lending programs it helps consumers. If you qualify for a mortgage then you actually qualify. One thing I would suggest is checking with lenders to see what the qualifications are for different progams and just get educated on the different programs.
It is a buyers market. While it may stay that way for another year or so, you have no idea what the interest rates are going to do. Also lenders are making the requirements more difficult to get a loan and that is going to get worse before it gets better. Buy now!
If you ';must'; buy then you should!If you have found the house you like then you should just go for it.
All the best to you.
Buy! We are at the bottom of the housing coaster! Don't wait!
wait..the bottom is still coming,,,extimated 1000000 more forclosures this year.........
No comments:
Post a Comment