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Im a first time home buyer and have saved 200,000. I'm looking for a great deal.but am really gun sh

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Im a first time homebuyer and have saved 200,000. I'm looking for a great deal.but am really gun shy because of this crazy market. Does anyone think I should wait for prices to come down. I'm also a renter and the thought of all the costs assoc. w/ a house make me skittish. Im inLA, CA

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November 04 - US

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sunnyview
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sunnyview

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Good for you! It sounds like you are a great saver and that is so rare. There is a good calculator for rent vs buy here that might help you run some numbers. They also have charts for LA and areas nearby comparing normal appreciation of 3-5% a year (green line on the chart) to what the market has been doing over the last few years here. Agents in that area have said that the market has surged from the buyers credit especially in the price range under 400K. You need to leave the hype out though, run the numbers for yourself and see if buying is close to renting there now. Buying does not have to be the same to make sense. There are some tax benefits to owning that you can cost out here, it has been a fairly safe way to build equity slowly over time and as much as I hate to say it it does feel good to own a home as long as it makes financial sense and not financial stress.

Crunch all the numbers and then consider posting the top two zip codes with the price range you are considering buying. There are lots of people who can give you lots of idea to consider. I think the discussion helps people crystalize their own point of view and really think about what is the best decision for them long term. I think it is GREAT that you are getting all your ducks in row and collecting facts before you buy. That is also rare and I think it lead to much better outcomes.

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November 05

Kim Millan, "wgakimm"
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Kim Millan, "wgakimm"

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30-40 years ago people purchased homes because they wanted a place to call their own and take pride in homeownership. Eventually pay off your mortgage and have a place to retire and live with little cost. Then things changed and starting in the 70's it took on a whole new attraction for many. The attraction became monitary. It escalated over time and peaked about 3-4 years ago. People bought on speculation and here we are. Now we are back to square one again.
Point being- Buy a home because you want a home and all the great things that go along with homeownership. Don't bank on speculation. Home values will more than likely rise over time but don't look for those unrealistic values from 3-4 years ago for a long long time if ever.

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November 05

Mack McCoy
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Mack McCoy

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Plenty of people think you should wait for prices to come down, but the future is uncertain.

It's difficult to see a turnaround on the horizon, but that's always true, regardless of current market conditions.

The best deals, generally speaking, are made when markets are bad. It's the, "buy low," part that goes with, "sell high."

In my view, you should not buy a home unless you're pretty darned certain about it.

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November 05

Nancy Lee, "An OrderLee Home"
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Nancy Lee, "An OrderLee Home"

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If I was you, I would take a really nice vacation then park the rest of my money someplace low risk and federally insured and wait until the job market stabilizes. But then, I suspect we have not seen bottom in the housing market yet.

In the meantime, I would do some serious thinking about buy v rent. Run some searches on the advice boards - there were some really good discussions about buy v rent over the summer.

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November 05

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