Tuesday, February 23, 2010

Should I buy house now or later?

I am located in VA. I heard that market here is going down. Should I wait for some more time for the property market value to go down more or what?Should I buy house now or later?
You should wait another year...Those inst only loan will soon expired...people are going to change the terms...at that time, inst rate may higher, but house price will be lower...you may get higher inst rate and pay additional principal each month to reduce your total inst over the year...you will still make it good...Should I buy house now or later?
I agree with Raquel. I live in Northern Virginia and prices have dropped a bit from their highs of a year ago. However, the stock market is booming and the job situation in this area is excellent, so there will be lots of buyers for houses in the future. If you see a place you like, jump on it and see if you can squeeze some concessions from the seller. You'll feel like a financial genius in five years.
I think you should wait 4 to 6 months and then buy cause the prices are going down and i think they,ll keep going down until the end of the year but after that Im sure they';ll go right back up.


but it seems definate you'll save a few thousand if you wait a couple of months.
This depends solely on 2 factors Long term or Short term holding period?





If the answer is a short term hold ( less than 5 years ) the answer is wait because we have not reached the bottom of the slow cycle (just getting started). There are still a few markets that will ingore this and will do well over the next few years (Jacksonville) because they are still well below the rest of the market but in large...short term investors should be cautious.





If the answer is long term then the answer is BUY because real estate is always a good investment over time.
Get it now! Delay is danger. You really can't go wrong when it comes to real estate. If you wait someone is going to come along and buy it right from under you nose.
I agree that waiting is not always the best answer. Buy low, sell high, right? If you can buy a home under-market and ride out the storm for a few years.
ahhh, the neverending question... Whenever YOU are ready to buy is when it is the correct time for you to purchase. Do not let life dictate this for you. Is your credit in order? Do you have some money saved? These factors are more important for a place you plan to live in. Real Estate, especially in Virginia, will always appreciate over the long run. Your question is more relevant if you are buying an investment property. Good luck!!





Here are some good articles:


http://www.choicefinance.net/mortgage-ar鈥?/a>
Before you do anything, visit with a financial planner and see how much house you can afford as opposed to qualify for. What I mean by this, is take into account your monthly debts and payments, when considering how much house to buy.
Even if property values do go down, interest rates might rise. Satisfy yourself that you are getting a good deal now and start taking your tax-write offs.
It is a wonderful time to buy. The invetory on new homes is the highest it has been in a long time. Also seller's are super motivated to sell. You can come up BIG if you buy now. If you like to gamble wait. I think the real estate bubble has been poped and it is going to start coming back up very soon. Real estate is the safest investment you can make.

No comments:

Post a Comment