You are in a great position ...

Tue, 09 Jun 2009 20:06:00 GMT

You are in a great position with regards to purchasing a home, as long as the values do not continue declining. As far as counseling you regarding buying vs re-occupying your present rental home, that is an answer that more information would have to be discussed in order to steer you in the right direction. I think Mr. Mulhern has mixed up your intention to continue renting your home and purchasing, or re-occupying your present rental home. Perhaps I got it wrong...lol. In any case, the one thing I agree with Mr. Mulhern about is that at this pricing level, there are now more offers being made, and many counties appear to be at least flat, if not on the upswing in terms of pricing. I wish you great luck, and hope these comments helped a bit! Jim

I do not know enough about ...

Tue, 09 Jun 2009 16:08:00 GMT

I do not know enough about the Norfolk market to advise youon renting vs. purchase in that area. In the D.C. market, you can purchase a home for less than what you would be renting the same home for so it is a no brainer. However, I would recomend against using the equity in the home you have since it will be paid off in 3 years. Once that is paid off, you will now be receiving rental payments that will be applied to your current housing needs no matter what they may be. Also, money is cheap on a first trust loan and you may be paying a higher yield by using an equity line. Without knowing your areas trends in value, I can not speak for buying. People will get on here who are bitter about the housing market and let their emotions dictate their judgements - all I can do is advise on the now. Rates are low, prices have fallen almost 50% since the peak, and our market is seeing multiple contracts being placed on property's again. Good Luck - you are in a great position.

Zillow Advice: Home Buying - Purchasing another home

You are in a great position ...

I do not know enough about ...