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Answers (16)
Nice going doug comparing buying a house to buying a dog. Or having a child to buying a house or dog! How about you buy a home if you can afford it by traditional standards AND your job is at least risk of getting the axe?
- tde123
- Contributions:20
I just purchased in Aloha, Oregon and I know everything is local but what I see is homes on the low end of price range goes fast things above 275k seem to be sitting a lot longer and I think prices have come down enough for the people who were priced out during the boom.
- Doug Wolfe, "wolfeva"
- Contributions:17
The best time to buy a house? Is there a best time to buy a dog or have a child? The best time to buy a house is when it fits your need and you choose to make that lifestyle change. If you wait to see what is going to happen or constantly reflect what did happen, you will probably never buy a house, or a dog, or have kids. Hire a Realtor, get educated on the process and go for it. www.bettercalldoug.com
- BMFPitt
- Contributions:1207
However, I agree that there is no bad time to buy a house.
There were these years from 2005-2007. They were a pretty terrible time to buy a house.
They keep waiting for the market to "hit bottom". Unfortunately the only way to know when the market has hit bottom is when prices start to go up! So when that happens you've missed your opportunity.
Actually what happens is it'll stay flat for years.
Home prices in the San Francisco East Bay have risen from a median price $300k to $375k since their low in March.
Median is a nice stat, but it can do things like that based on they types of houses sold and be completely meaningless. Show me Case-Shiller numbers doing that and I'll be impressed (then immediately start shorting whoever is giving out those loans.)
There were these years from 2005-2007. They were a pretty terrible time to buy a house.
They keep waiting for the market to "hit bottom". Unfortunately the only way to know when the market has hit bottom is when prices start to go up! So when that happens you've missed your opportunity.
Actually what happens is it'll stay flat for years.
Home prices in the San Francisco East Bay have risen from a median price $300k to $375k since their low in March.
Median is a nice stat, but it can do things like that based on they types of houses sold and be completely meaningless. Show me Case-Shiller numbers doing that and I'll be impressed (then immediately start shorting whoever is giving out those loans.)
- HomeSand.net, "White Picture"
- Contributions:4389
The best time to buy the home in City of Los angeles, CA was 6 to 3 month ago, It's not good time to buy now, since there are not many houses on the market, maybe it will be a good time again at early next year.
Oh so you pros are saying there will a housing bubble v2.0 soon? GREAT!!! My house ATM is depleted and I need more money for a new hummer and my wifes fun bags need a facelift. Thanks for having the crystal ball we all thought that was lost!
- Steve Kruschke, "steve_kruschke"
- Contributions:3
Home prices in the San Francisco East Bay have risen from a median price $300k to $375k since their low in March. This is $25k per month. What is driving these prices? Supply. For example, in Alameda County supplies of available homes have dropped from their high of 12 months to just under 2 months supply at the end of June. More people can afford homes now then in years past. More buyers are taking advantage of low home prices and interest rates. Even though I don't think we will continue to see $25k per month increases every month, I do believe that home prices are on the rise and recovery is under way.
With the low interest rates of today, now is a great time to buy.
More Bay Area stats...
With the low interest rates of today, now is a great time to buy.
More Bay Area stats...
- Derek Pflaum, "GroovyRealtor"
- Contributions:21
I have a buyer from New York who's purchasing a house here in Austin Texas. They keep waiting for the market to "hit bottom". Unfortunately the only way to know when the market has hit bottom is when prices start to go up! So when that happens you've missed your opportunity. If you're able to buy now with rates as low as they are go ahead and buy if you find that great house. Is it worth missing that opportunity to save $50 on your monthly mortgage? Probably not...
- Deanna Vermillion, "Deanna Vermillion"
- Contributions:17
It depends on what you are looking for? Banks should be stepping up their foreclosure process soon, as they tried for several months to process short sales rather than foreclosures. A flood of foreclosures will definately impact the market, but REO (bank owned) properties usually require more work and can be harder to finance depending on their condition. However, I agree that there is no bad time to buy a house. If you are planning to live there for any length of time, at least your monthly payment goes toward the balance of your loan rather than into the pockets of the apartment complexes.
- Lady Chattel
- Contributions:3110
If you have no money, is it the best time to buy (anything)? All these posters asking if they can buy a home with no down payment, poor credit, you name the crud, and all they can focus on is buying a home cause they think they need to jump cause prices are lower. If it means your going to be strapped you shouldn't buy anything just cause you perceive it to be a great price. Such a narrow focus is going to make create another wave of has been owners who should have never jumped into homeownership.
.......like the owners across the street whose landscaping needs help and paint is peeling all over the place.......can't afford to take care of something you shouldn't be owning it.......
.......like the owners across the street whose landscaping needs help and paint is peeling all over the place.......can't afford to take care of something you shouldn't be owning it.......
- Douglas Leone
- Contributions:51
I saw housing prices in my area (Westchester NY) bottom with the interest rates in May. It may be a temporary bottom but we have seen healthy sales activity and many sales over the past two months.
Doug Leone
Doug Leone
- Eric Patterson, "Eric Patterson"
- Contributions:27
Generally asking prices increase during the spring, summer, and fall since that is the time most people are looking to buy a home. If you look at this link it will show the asking prices for the Denver/Boulder metro area have risen quickly since April.
http://housing-watch.com/regionview.aspx?city=Denver&pct=50&g=m
If you are not in a hurry to buy I would recommend waiting till the winter holidays since that is the time sellers drop asking prices and are more willing to make a deal in Boulder.
Good luck with your search!
http://housing-watch.com/regionview.aspx?city=Denver&pct=50&g=m
If you are not in a hurry to buy I would recommend waiting till the winter holidays since that is the time sellers drop asking prices and are more willing to make a deal in Boulder.
Good luck with your search!
- Pasadenan
- Contributions:21408
We passed the best time to SELL a house in most of nation. For some, it was 2005, others 2006, others 2007. For San Marino, it was 2008.
We will not pass the "best time to buy" for at least 18 more months in most of the nation. For parts of the nation, the best time to buy will be 10 years from now.
The foreclosures rate, 90 day late notices, unemployment rate change, etc all indicate that any present leveling off in prices is just temporary. There still is a huge saturation of inventory that needs to be liquidated, and still a declining number of households to fill an increasing number of housing units.
That said, not all price ranges move equally, so it is important to watch the particular segment of interest. Remember, after the great depression, more people lost money buying too soon than those that lost during the major fall.
We will not pass the "best time to buy" for at least 18 more months in most of the nation. For parts of the nation, the best time to buy will be 10 years from now.
The foreclosures rate, 90 day late notices, unemployment rate change, etc all indicate that any present leveling off in prices is just temporary. There still is a huge saturation of inventory that needs to be liquidated, and still a declining number of households to fill an increasing number of housing units.
That said, not all price ranges move equally, so it is important to watch the particular segment of interest. Remember, after the great depression, more people lost money buying too soon than those that lost during the major fall.
- BMFPitt
- Contributions:1207
The best time to buy a house was about 1999, before an almost limitless supply of greater fools bid up the prices.
The rates you saw in March & April are probably gone for good. The prices will continue on their spring bounce, then fall again this winter. Just like the false bottoms of 2007 and 2008.
The rates you saw in March & April are probably gone for good. The prices will continue on their spring bounce, then fall again this winter. Just like the false bottoms of 2007 and 2008.
- David Janis, "David Janis"
- Contributions:40
Maybe, I can't imagine rates and prices going back to March April of 2009 levels - who knows though. I have seen stuff in the last 3 years that I never even thought was possible - maybe next spring will be a better time to buy than this spring was. That doesn't mean that now is not a good time to buy. You missed the bottom by several months - that doesn't mean that you should rent for the next ten years.
Also, it depends what price range you are buying in. If you want to spend around $1,000,000 you can get a smoking deal. Even a home in the $600,000 rangehas some really good deals.
Also, it depends what price range you are buying in. If you want to spend around $1,000,000 you can get a smoking deal. Even a home in the $600,000 rangehas some really good deals.
- sunnyview
- Contributions:25115
I don't know that there is a "best time" to buy a house. Low interest rates are a bonus, but prices are still being affected by REO's and short sales. Right now many areas are selling better due to the buyers credit and the summer season. Once those are over, it's anybody's guess where the market will go and depends largely on the larger economy. You should seek true value in your market no matter what since that is the best way to protect yourself from future drops in value or to maximize your gain in up markets.
Have we passed the best time to buy a house ?
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