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WHY ARE YOU NOT BUYING???????

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PHYLLIS BLOODWORTH, "ASK PHYLLIS"
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PHYLLIS BLOODWORTH, "ASK PHYLLIS"

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There are quite a few houses on the market and they all have come down in price. I would like to know why more buyers are not out there buying a house right now? If you continue to wait interest rates will climb. It's a never ending battle when prices are low interest rates are high, when rates are low homes are high. Think about it and give me some feedback on why a person is not purchasing a home at this time?????????? Phyllis Bloodworth with (BAIRD & WARNER)

November 19 2007 - US

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formercalifornian
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Simple...prices in my area are dropping, and I have cash, so interest rates are irrelevant. With every month that passes, I'm putting $1500 extra dollars into my housing fund. Think about it and give me some feedback. Why should I buy a house right now?

November 19 2007

chuckdog24
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Renting saves me $12k a year over owning & prices are dropping by a matching $12k a year for the town & type of home that we're looking at.

Easy math really....

November 19 2007

LongIslandBubble
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http://longislandbubble.com/sheeplesguide.html#low_interest_rates

November 19 2007

Bette Defarm
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"I have cash, so interest rates are irrelevant."

I suspect many of us doomers will buy with cash. The new NAR propaganda campaign is a disaster....it's so off-note, I find it jarring.

November 19 2007

DebtsNMesses
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I am going to buy in Jan-April. My brother is waiting for April. My sister is waiting till this summer. I am buying sooner than my siblings, because I think interest rates will go up and I run tighter finances than they do. I consider the 'safe zone' to be until the presidential election. After the election business will return to normal, and interest rates will skyrocket.

Home prices are dropping faster than ever. I was in escrow this summer for 435K, but my mortgage broker had to change my lender 4 times in 15 days. I had to cancel. The house is now listed at 400K and still no other offers. Hence, I saved at least 35K in the last 3 mos!

The buyers paying cash will wait even longer.

November 19 2007

chuckdog24
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In the spring we were barely able to hit our 20% down + closing cost target. Now, things are looking better!! We've been saving for years & seeing things get moved further out of range.

Finally we're in a position to gain on our financial goals!!

PS: Phyllis, most of us aren't bullied by fear mongerers touting higher interest rates. I for one would welcome them in contrast to the Fed manipulated low rates that keep housing at unaffordable levels. Higher interest rates would benefit the buying pool with some type of down payment. These days of cheap money with no money down caused the current issue and a continuation of such will never fully resolve the issue.

November 19 2007

DebtsNMesses
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Although we technically qualify for a loan, we cannot afford the payments. Then we are being pushed to get a variable loan. NO THANKS. We will buy when we can afford the payments AND get a fixed loan. Period. There are tons of buyers out there, but these buyers that are left are wiser than the ones of before. They will not buy variable, they will not buy w/o a down payment, they will not accept a payment above what they can afford.

That's why there are only a few of us buying.

November 19 2007

Walty804
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Fear....thats why.

November 19 2007

DebtsNMesses
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Walt, it's not fear. We also expect to loose equity on our homes. We are being conservative and we are not like the others that bought because of the 'prices will go up forever!' thinking. We scrimp and save, we buy fixed loans, we are as conventional as they come. We will NOT bail out the sellers. It's not our fault they got themselves into the pickle, and we cannot afford to give them a juicy price just to buy the house. As I've said before when a house I like sells... there are 24,999 other homes to choose from, it's ok.

November 19 2007

MORTGAGE OPERATOR
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Yes.. FEAR FACTOR caused by Doomers... Just buy now with 2009 prices.. make an educated offer

I've spent hours on this subject.. .Can Peopple understand basic Math?

RENT VS PURCHASE

Renting: Have to move anytime landlord ask for property

Mortgage: Pay the bank and you're the BOSS

Tax Savings when Buying

Home Value at End of 30 Years:
Your Purchase PriceWITH 0% APPRECIATION

Rent Return: $0

Monthly Payment after 30 Yrs:
Mortgage: $0
Rent: pay rent FOREVER

November 19 2007

fat HOMER SIMPSONS ANGRY BITTER RENTER, "FlipofftheFlipper"
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fat HOMER SIMPSONS ANGRY BITTER RENTER, "FlipofftheFlipper"

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Higher interest rate is good news for us waiting in the sideline with cash. Lower interest is killing our savings.

The buyers today aren't the 100% financing, no cash moron you saw in 2005 that bought the hype.

November 19 2007

fat HOMER SIMPSONS ANGRY BITTER RENTER, "FlipofftheFlipper"
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fat HOMER SIMPSONS ANGRY BITTER RENTER, "FlipofftheFlipper"

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Amerisave-yes, I know basic math. And my basic math shows that I'm saving $15k a year by renting versus buying.

November 19 2007

farmd0g
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Unlike P. Bloodworth, I expect interest rates to fall right along with house prices.

Even if it were true that "interest rates will climb" I would would be even more leary about buying a house than I am now.

With even an even tighter credit market home sales will stall--leading to lower prices. As I expect to pay mostly in cash, that will leave me in a situation where my money will earn more and more in T-Bills while the prices of houses will be lower and lower. Not the most logical time to buy.

I'm not buying because I very much doubt that the ahistorical 100% leap in asking prices will be sustained. I don't want to be left holding the bag.

November 19 2007

Andrew Adams, "203K Specialist"
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In my opinion it is a combination of things.

The doomers think that prices will continue to drop and that property will be worth 1/2 what it was a year or 2 ago. Those will be the same folks 5-7 years from now saying prices are out of control. Prices have dropped over the past 24 months but what have they done over the past 5,10, 15+ years I know that had I bought 10 years ago I would be better off than if I bought 5 years ago. Most of the doomers will miss the bottom because they feel it will continue to drop. If anyone knew where the bottom is or will be they could make a fortune.

All the news about forclosures and bad loans has scared people. Some folks should be scared. If you can't afford the payment you are over buying. Using the IO and Neg Am products to afford more house is and was a horrible idea. The market is paying for that way of thinking now as people realize they can't afford the payments. Buy in your price range and you don't have to worry about making the payments.

We all need to remember that a home is an investment and it should be considered a long term investment not a short term investment. Even those folks that bought at the peak of the market will eventually get a return on their investment it just might take 5 or 10 years.

November 19 2007

Bette Defarm
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"Tax Savings when Buying"

This is one of the more silly statements made by cheerleaders.
Very few benefit from this and when they do it is a laughable amount.

Tax savings when renting amount to @ $500. a month.

November 19 2007

Bette Defarm
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*in my area*

November 19 2007

chuckdog24
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>>Just buy now with 2009 prices..<<
New's flash: Most sellers think that 2009 prices will be just a few ticks off of the bubble peaks!!

>>I've spent hours on this subject.. .Can Peopple understand basic Math?<<
How about basic english?
And for your math, remember being educated this morning that (1+1+1=3)? Not (1) as you came up with.

Most of us are intelligent enough to use the rent vs. own calculators out there which show the "tax savings". Even with that savings, the math still doesn't work in favor of buying!

November 19 2007

DebtsNMesses
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Ok, do the math Amer... 500K is 3400/mo. Rent is 1850/mo. Taxes to the fed at these prices equal the property taxes, so that's a wash. With 30K down, it leaves nothing in savings. Therefore, we need 100% financing. We would need 100K to put down, then our payments would be 2500/mo. Inflation makes it VERY hard to save 100K. That makes 2500 mortgage, or 1850 rent... what choice DO I have? I would need a 600/mo increase to afford it AND that's if someone gave me 100K! My 30K doesn't get me jack and I need it for a rainy day if I'm going to commit to a 30 year loan. Therefore, we MUST wait until prices drop to something we CAN afford.

November 19 2007

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Monthly Payment after 30 Yrs:
Mortgage: $0
Rent: pay rent FOREVER
Investment Return:
Mortgage: Your home Purchase Price
Rent: $0

Prove these numbers wrong! Come ON! Any Math gurus here?

I"m talking about the average homebuyer..NOT Investors!

November 19 2007

Bette Defarm
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"Most of the doomers will miss the bottom because they feel it will continue to drop."

On the contrary, many of us sold at peak because we knew the fundamentals and that prices could not be supported at 2005 levels. Most are not trying to "time the bottom", just buy when the home is comparable to a rental.

November 19 2007

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Don't buy a 500K home.. buy a 250K home!

November 19 2007

BuyEqualsRent
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Why would anyone buy a declining asset? Especially the most expensive one they'll ever buy, that they have to borrow 80-90% of the price just to buy it? The whole "buying is cheaper than renting" is just not true when prices decline, because it misses the point: you can always buy NEXT YEAR or the year after that. And Amerisave, the math is a no brainer. Buy today and lose 10-15% of the value next year, or buy next year for 85-90% of what you pay today. Renting for one year is so clearly better it's silly to try and argue otherwise.

November 19 2007

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I can't believe this BuyEqualsRent... pay now next year's price.. negociate!

November 19 2007

farmd0g
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Amerisave,

You seem to have left out the "math" part of your cheerleading statement.

Around my house "math" usually refers to arithmetic, algebra, or geometry, and sometimes even trigonometry or calculus. You used none of these.

I've done some of the math for my particular situation, the cash from the sale of my last house is generating 5-6% interest. The houses in my area are losing about 5% of their value per year. One doesn't have to work it out exactly to see that as long as this continues I am significantly better off than buying. And I get a bonus! The sellers continue to pay the real estate tax !

While I wait, I rent a spacious apartment on a lake with swans and ducks a short walk to the subway, coffee shops and the movies.

November 19 2007

Andrew Adams, "203K Specialist"
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Great move if your home is soley an investment like stock. But the majotity of folks actually need a place to live and raise a family. IF you don't mind buying when the values are low and selling when values are high and moving your family with the market. You will probably do very well, just don't settle down anywhere a good opportunity might come up.

November 19 2007

Andrew Adams, "203K Specialist"
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Just curios that 5% drop per year....how many years in a row has that drop taken place?

November 19 2007

Andrew Adams, "203K Specialist"
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Make that curious..

November 19 2007

Bette Defarm
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"Great move if your home is soley an investment like stock."

It wasn't until investors invaded my neighborhood and ruined it. I probably would have hung on to my house in '05, were it not for flippers. May we never see it happen again in my lifetime!

November 19 2007

Whitney Arthur, "whit105"
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My buyers took all their down money and invested in a cave in Russia......it's the latest trend in housing.

November 19 2007

formercalifornian
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Amerisave, Debts is in SoCal. She's looking at a half-million just for something habitable. She knows her market. You're in Georgia, for goodness sake. There is no comparison.

Look, most of us here have a very good grasp of our individual situations, and believe it or not, we're not all doomers. I understand the value of homeownership. It's why I'm in a good financial situation right now. I've already owned a house...and sold it. The reason I did well was because I bought a house I could afford with traditional financing and paid it down. I'm not about to see all that money vanish in a Ponzi scheme. I'll buy when it makes the most sense for my family, and not a moment before then.

November 19 2007

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