Profile picture for user5313604

Should I buy now?

I am renting in NY and will be retiring in 2.5 years. I have the money and can afford to buy a house in Charlotte NC where I am going to retire. I have been preapproved for a $250,000 dollar house. I found several I like and wonder should I take advantage of the interest rate and home prices. If I did buy a house my wife would go ahead and move in and I will join her when I retire.
  • September 08 2012 - Charlotte
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (7)

2.5 yrs is not a very long time when you think about it however the current interest rates may not be as impressive as they are right now. I'm current working with a couple that lives in NJ...they came to visit Charlotte Labor Day weekend and I showed them 15 properties. Needless to say we are under contract and closing 9/28/12. They will be renting out the property with the help of a local property manager until they are officially ready to relocate. So with this all being said...YES, take advantage! Best of Luck
  • September 12 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Wonderful Time Low interest rates which we may not see again, just take into consideration how much it would cost to have two properties , are you ok with time away from family? And do you have to occupy the property as your primary residence.
  • September 09 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If you are buying with a mortgage, read the terms carefully - you will need to make sure you have one that does not have an "owner occupied" requirement if you intended to rent it out.

I won't be joining the chorus of "buy now!" You haven't provided enough information for anyone to determine if buying a house makes any sort of sense for you. It sounds like you need a mortgage - how do you feel about having a house in another state and paying landlord? Dealing with carrying costs if it doesn't rent out? Dealing with any weather phenomenon from another state? How are your other finances? Do you have other debts you should be paying off first?

In your shoes, I would keep stashing away cash to minimize any payments in retirement. Interest rates aren't likely to skyrocket in the next few years given the current state of the economy and the painfully slow progress (if you can call it that)...I don't think any agent, or any economist for that matter, could tell you that rates will not be this low in 2.5 years with any sort of certainty (says an agent who has taken masters level economics courses) - 2.5 years ago many agents were saying the same thing and go figure, they went lower. (There isn't *too* much more room for them to drop, I'm just not confident they'll sharply pop up given the Fed's behavior over the past few years.) I can't think of any markets that are going through the roof right now. You probably have lots of time on your side and can look at your leisure for your dream retirement home without feeling any pressure to buy this very moment.
  • September 09 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, now is a great time to buy.  Prices have hit the bottom and are only going to go up.  Interest rates are at an all time low.  Most of my buyers are finding their mortgage payment (taxes and insurance included) being way less than their rental payments.  Charlotte real estate is back and hopping.  Give me a call or email me.  i would love to tell you more.
  • September 09 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Sharon Lewis
Why not look at some numbers? What will it cost to buy? To carry the home? Project what interest rates and homes will be like in 2.5 years, how much will a property management company cost to 'care' for the home, taxes, Home Owner Association fees etc. As opposed to waiting it out.
I always suggest people do the math before jumping into the water.
Talk to a local realtor, pull down the professionals tab up top and you can find one or any of us can recommend one. That local realtor will be able to give you a better picture of what the real estate market is doing in Charlotte....
I hope this all helps. 
Best of luck to you.
  • September 09 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Thanks for posting your question on Zillow.com!

Yes, interest rates are at a historic low & will not be this low in the next 2.5 years.

I like Cindy's idea of property management until you are ready to move in or if you can afford to, make it your weekend getaway/ vacation house.

Congratulations and good luck. :)
  • September 09 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Cindy Quinton
An option I have seen a lot of folks use lately is to go ahead and buy, but turn the home over to a property management company to rent it out. 

I don't really have any advice, it is such a personal decision, but being away from your spouse for that long seems like difficult choice.
  • September 08 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.