Real Estate, Good Time To Buy?

Indo_Dude

Is anyone else planning on buying in the near future? With the bubble in real estate finally popping, when do you think prices will hit bottom?

When my grandmother died, she left a small amount of money to me which will pay off my school loans, and leave me with some left over for a downpayment. My bf/partner and I are looking at buying soon, probably this fall. Do you think prices will keep falling or are we seeing the bottom of the market now/soon? In my market here, prices have gone down 17% to 18% so far since the peak. I think they will fall another 5% or so. Now that I'm done with grad school, and going to work, we can finally afford to buy.

Anyone else out there thinking of buying soon? Waiting for prices to dump some more?

BurnTheShips

I am buying twenty houses this year--hopefully. I am working on buying 5 right now.

BTS

NewYork44M

I think this is a great time to buy. I am negotiating on an apartment in Manhattan.

hillbilly

You should have a wide choice of stock to choose from.

Forclosuers and walk-aways are clogging up banks all over the US. If you have some cash, a job, and can get a mortgage this is as good a time as any to shop.

Like millions of other folks, I have a property I can not seem to get rid of... it was worth about 50 grand more 3 years ago than it is today. Someone made a foolishly low offer the other day. If you do offer on a home... do some real investigation as to worth and dont make stupid, insulting offers. The last offer I had was 35K below "fire sale level".

l

jstalin

I think prices will hit bottom between this fall and early next year.

oompa

DUDE...talk about lucky! the money plus the timing. Most likely BUY NOW! Where do you live? My market, Charlotte and others are already going back up in value, so many other areas are close behind. It is not worth waiting for a bottom, because you never know for sure when it is and it varies. You start now....with it this low and interst near free, and you will start building equity while other may have missed the chance.

BURN, I do commercial and some residental....some for resale, but most for rents. If you are this agressive, you must be renting more....is that right? Cause you can't sit on these and take you time for prices to go back up in less you have money to BURN! I have been wondering if the rental market should not be exploding with all these forclosed folks needing some place to live. Your thoguhts please......oompa

Indo_Dude

The market here in the Philly area didn't boom as much as it did in a lot of places, so won't bust as much either I suspect. We are trying to get to a 20% downpayment level, so we don't have that stupid mortgage insurance to pay. We have 15% currently, so hoping to save up some more over the next 3 to 6 months as we start looking to buy.

BurnTheShips

BURN, I do commercial and some residental....some for resale, but most for rents. If you are this agressive, you must be renting more....is that right? Cause you can't sit on these and take you time for prices to go back up in less you have money to BURN! I have been wondering if the rental market should not be exploding with all these forclosed folks needing some place to live. Your thoguhts please......oompa

All will be rentals. Section 8 Government subsidized housing for lower income families. Uncle Sam pays the rent.

Picking the right market is key. PM me and I will give you details and a website.

BTS

CoonDawg

Now is a great time to buy. The home I'm in, I bought in a gated community with all the ammeneties here in SW Florida. I paid less than $300K for this home. Two years ago, the previous owners paid almost $470K for it. I walked away with instant equity.

If you can get financed, it's the best time to buy. Just don't do like so many and over extend, leveraging everything to buy more than you really can afford. That, in part, has contributed to the collapse of the market. Many of the homes here that are in foreclosure are from investors and speculators who were way out of line. Just don't end up going to one of those crappy weekend seminars that tell you "how to become a millionaire in real estate". The only thing you take away from that is a lighter wallet.

changeling

Rule of thumb: "by low, sell high". Yes, now is the time to buy! Do you have a real estate agent?

changeling :)

Real Estate, Good Time To Buy?

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