Profile picture for JoeSmith3

What to do?

   I am a single man trying to weigh my options. I have great credit but not too much money for a down payment. I have about 30k and make 55k a year. Should I continue to rent or is buying an option for me? I am looking to stay in southern Nassau. Is a co op or condo a good option? Never looked into purchasing a home before. Where do I start?
  • March 06 2013 - Barnum Island
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Answers (7)

Hello Joe, Whether renting is better than buying depends on many factors, particularly how fast prices and rents rise and how long you stay in your home. An excellent source of information is the Zillow Buyer's Roadmap; http://www.zillow.com/wikipages/Buyer%27s-Roadmap/
  • November 15 2013
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This is a great time to buy! Get in now prices are going up and the market is shifting! With good credit and a good income and mortgage rates low. Don't over think this BUYBUY BUY!!!!!
  • March 20 2013
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With home affordability is at the highest level ever and mortgage rates historically low, buying a home this year it will guarantee equity on the near future.  This is a great time to buy.

Best of Luck,
Maria Cipollone
  • March 12 2013
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Well with income about 55k a year u can buy home easily. If you have a good credit reputation then you can buy your own house. 

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  • March 11 2013
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In this market if you can buy BUY!!!!!! After four years at the bottom real estate is finally coming back.   You can still get 3.75% money that is still in the "life time lows" range you can't go wrong taking advantage of that kind of interest rates.

Good luck

Just make sure you use someone that knows what they are doing even in this market you don't need to over pay for something.
  • March 10 2013
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Profile picture for wetdawgs
Here's a link to Zillow's buyer's roadmap.

  • March 06 2013
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Profile picture for Neeraj Jassal
Joe, you should discuss your options with a lender (preferably one in your local vicinity) to see where you stand.  Once you discuss your financial credentials, you will have an idea what you can afford on a monthly basis.  Based on that, you can start looking in your area to see how the prices stack up against your ideal payment.

Good luck!
  • March 06 2013
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