Profile picture for Hi There

Any advise on buying a home in this market?

  • December 15 2008 - Southeast
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Answers (5)

Hi, Yes I have lots of advice, so here goes.  Now is the best time to buy!  Reasons...mortgage rates have gone down to 4.75%, the "First Time Buyer Home Credit" good until July 2009 (contact me for more info on this, too long to explain here or google it), inventory is up, prices are starting to stabilize in many markets, many sellers have become more realistic in pricing.  Buying goes in cycles and the cycle we are in now, alot of people that usually lay low are coming into the market.  Even the media has shifted their opinion to "now is the time to buy", from The New York Times, to Suze Orman, CNN, etc.  Keep in mind Real Estate is very local so depending on your market it might be a little different.

Lastly the lending guidelines are tightening daily so make sure your credit is in order, you have reserve funds in the bank after a 10-20% down payment and closing costs (in NY generally 2-3% of the purchase price under 1 million) .

The good news is a loan officer can guide you through all of this and hopefully simplify it for you.  Getting preapproved first gives you a really good idea of where you stand financially and will also give you the confidence to enter the market knowing pretty much what you can spend.

Hope this helps.  I can go on for days with this topic but don't want to overwhelm you.

Sincerely,
Christopher Pagli
Associate Broker
Legends Realty Group
  • December 18 2008
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Profile picture for jal74
Yes, here is my advice.

Don't.  Rent for at least another 12 months and be prepared to rent possibly up to 36 months.

In an environment where we are today, a little precaution can go a long way.

Kind Regards
  • December 16 2008
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Profile picture for interested_observer
Not sure what area you're looking in but in general, my advice is don't buy now since prices will probably be significantly lower a year from now.
  • December 16 2008
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Jennifer:

You did not give enough information for anyone to help you. Where are you? What sort of home are you looking for? What is your price range? What are your priorities?
  • December 16 2008
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  • December 16 2008
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