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I currently rent an apartment for about $1000 now, looking to move in the next 2 months and have been searching for a new location but the apartments I've been seeing are between $1100 and $1300 which I can afford. My question; does it make sense to keep renting and throwing money away an average of $1300 a month or invest in buying a house. I have good credit and income but not enough savings to put money down to purchase a house.
What are my options? Any advice will be appreciated.
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@ Miekeba...Wow, can I get you a bigger shovel?Starting small-to-large...You indicated you are advising the OP about the current market. They were asking about the market back in May. The way the market has been, "current" has a narrow application.Um...Rob is in Arizona, not California. Not that it really matters.Drum roll...If you bothered to follow/read AzRob's link, you will see that it is a generalized approach - applicable to any locale/market.p.s. How's that CDA-thing doing, generating commissions for you by shoehorning people into homes who have no business entering into the obligations/responsibilities of home ownership?p.p.s. Ayup, Silver Springs, MD looks to be rocking the RE market.
Number one : Talk with lender to find out your buying power.Two : are there homes in the area where you want to live in your price range? Are you willing to look outside of it to find more affordable homes? Three : Find agent to walk you though the processFour : Owning a home is a TAX write off. You can write off the interest you pay on your taxes. Great time to buy with low interest rates translating to more buying power than had before. If you are a first time home buyer and live in an area where Compass Bank is they currently have a no mortgage insurance loan program. This program will save you over $100 a month. Meaning you can have more money to buy better home. Good luck@
"The biggest overhang for the economy remains a sluggish housing market, Ritholtz contends. "It's not going to be a bright spot in the economy and probably not for five to 10 years," he tells Aaron Task and Daniel Gross in the accompanying video.
Why? We still have millions of Americans who remain in homes they couldn't afford to buy. Ritholtz suggests half of the lot has already defaulted, but there's still a long way to go. Plus, housing prices are still too high."
No need to rush. Save plenty for down payment - if possible have enough saved to pay for the home in cash and then get a loan.
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