Buying A Home?

When is the right time for you to buy a homes? and why?
  • March 02 2010 - Orlando
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Answers (10)

Profile picture for dacolan
Aside from the obvious personal reasons that apply to each individual situation, personal finances being of paramount importance, I will buy when the price-to-rent and price-to-income ratios in my target neighborhood(s) favor buying. These two fundamental metrics offer the best measure of true value and affordability.
  • March 02 2010
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Profile picture for CORONA NICK
When its far cheaper to buy than to rent the same property.... when putting 20% down of course.
  • March 02 2010
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Profile picture for klarek the realist
When the govt stops trying to prop prices up and they then manage to stop falling on their own.  I've been "ready" for over two years, but will not make the biggest purchase of my life until I know it's not risky. 
  • March 02 2010
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Profile picture for Mark LeMenager
When you need to move and have the money to do so.
  • March 03 2010
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Profile picture for dacolan
When you need to move and have the money to do so.

Is this the same advice you were giving people in 2006?

If only all of life's most significant decisions could be so simple...
  • March 04 2010
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Now with interest rates low, the tax stimulus and abundance of homes make this a great time to buy. Hurry up before the end of April when tax stimulus ends.
  • March 04 2010
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Profile picture for dacolan
As I posted in another thread, don't be taken in solely based on the expiration of the housing tax credit.

What will happen to house prices once the tax credit/buyers bribe expires and the Fed stops buying GSE debt to keep interest rates artificially low?

Less demand.

What happens when the significant wave of foreclosures that Freddie Mac CEO warned of last week is added to the housing market inventory?

More supply.

And what happens to prices when demand falls as supply is rising?

You don't have to be an economist to project what's to come in the residential RE market.
  • March 04 2010
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Profile picture for sunnyview
Hurry up?? No don't rush to buy. Nobody is delivering a baby here. Buyers have time to make a solid choice based on their finances and on their local market. A house is a big purchase and it should be a considered decision. If you have decided that you want to buy, great then the home buyers tax credit is a terrific bonus. If you are not ready or sure that you want to buy, don't buy just to get the tax credit.
  • March 04 2010
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This is easy. Rates are low-they will have to go up. Mortage interest deduction & property tax deductions are significant in any market. Rent rates are comparible with starter home Mortage cost. Thats a resistance line that will slow depreciation. In addition there is a $8000 carrot. Remember 85% of Americans still have jobs. We may not race back to the glory days, but we could stabilize with a simple change in perception.
  • March 04 2010
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Profile picture for sunnyview
Sure rates will go up. Sure you get a mortgage interest deduction if you buy. Hanging your hat on those two arguments alone without considering the direction of the local market is foolish. Here let me illustrate. Fact: Medical costs are going up every year. Fact: The IRS has a generous yearly child tax credit available. People should have a baby now so they can claim the child tax credit. Ignore the cost of maintenance for the child, the insurance costs for the child and the rising costs of education in favor of the conceive now get the credit in hand mentality. Don't think about it, just conceive today and get that tax credit.

We are not going to think our way out of a housing slump. This is about simple economics. Employment is soft, housing is still falling. Buyers need to know that in a market like your in Hillsboro that the median has fallen every time the RMLS has published them for the last year +. They are still falling. Where the bottom is, who knows, but buyers are taking a risk by buying and need to do what they can to make sure that they are not underwater the day they close. Having a PITI close to rent provides some protection, but many buyers are not even told that before they buy.
  • March 04 2010
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