| Should we buy now or wait? |
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coltster45
New Member
Cash: $ 1.80
Posts: 9
Joined: 10 Aug 2006
Location: Northern California
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I'm not sure where you have moved to, but yes the country is turning into a buyers market in most areas.
Sacramento, ca - where I am is going down in price - quickly.
I still have rental properties in North Carolina and they are appreciating nicely.
I'm 27 and have over a million in equity in real estate because I bought lots of real estate and have other people like yourself who are scaired to buy pay my morgage.
Pick up your balls - and like everyone else said- Give lots of low ball offers on houses you like. Maybe even find someone in forclosure you can take advantage of- or have a seller carry your morgage.
- I had a seller carry my morgage on a 1.4 million multi unit property in north carolina- only had to put 10% down - and pay 7.5% interest on commercial loan. - If the property goes down in value I can run away- but it has actually gone to 1.7 million in 3 yrs.
I know if you look hard enough - you can find a seller do the same for you 
Money has no soul - just make sure you are smart enough and in position to have it when you need it - I have not had shit go down in my life- but know it can. I have learned at a young age - build equity - it is great 
I think 100k in the bank is plenty!
GO FOR IT!
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Thu Aug 10, 2006 12:58 am |
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Aine9
New Member
Cash: $ 1.05
Posts: 5
Joined: 10 Aug 2006
Location: UK
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I agree with coltster45.
You have to ask yourself how often property comes down?
A lot of people make the mistake of waiting only to find that they missed the boat in the end.
There are many people who have lost a fortune in proprty and many people who made it - either way renting someone's elses home when you have the means of buying - is such a waste.
Don't be frightened, if the worst comes to the worst you can always move out of your home, rent it to someone else and rent a cheaper one.
You are lucky to have such a lot of options.
Good luck
Aine
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Thu Aug 10, 2006 5:02 pm |
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foxi$
Contributing Member
Cash: $ 5.15
Posts: 25
Joined: 22 Aug 2006
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| LEASE TO OPITION |
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YOU HAVE MORE CHANCES TO SEE WHERE YOU CAN AFFORD IT FUN TO GRAB A CHEAP HOUSE FIT IT UP WATCH OUT YOUR NEVER LOOK BACK WELCOME TO THE WORLD OF OWNING ... 2 YRS IT MIGHT JUMP UP HIGH IT MIGHT BE CHEAP WAY BUT IT MONEY IN THE LONG RUN GOOD INVESTMENT ... LOL I SHOOT FOR LONG RUN ... GOOD LUCK ..
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Wed Aug 23, 2006 12:51 am |
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Sailbad
Member
Cash: $ 3.10
Posts: 15
Joined: 24 Aug 2006
Location: Austin TX
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| Take your time |
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I'm not sure what market you are in but you have the ability to bide your time and wait for a great opportunity.
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Thu Aug 24, 2006 10:15 pm |
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sam1000
Full Member
Cash: $ 21.05
Posts: 95
Joined: 28 Jul 2005
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Hope you don't have that 155K in a single savings account since FDIC insurance is only for the first 100K 
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Sat Sep 02, 2006 6:36 pm |
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carmella25
Member
Cash: $ 1.80
Posts: 21
Joined: 16 Sep 2006
Location: Bay Area, CA
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| Buying a home |
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I totally understand where your coming from. I live in the Bay Area, CA where the housing is outrageous. My husband and I are trying to figure out what were going to do. We dont know if we should wait it out here or move out of state to buy something.
quote:
Originally posted by jtnc06
$1200 is reasonable for rent for a 3 bedroom apt where I live. $275K is on the low end for a home here. Where we moved from- California- rent was about $1800/mo for a 2 bedroom and the median home price was over $600K. So to us, $300K for a home doesn't seem like much. Our whole reason for moving was to afford a nicer home so we don't want to step back and buy something smaller than what we had before. I guess our situation is just complicated because my husband's income is so unpredictable right now.
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Sat Sep 16, 2006 9:05 pm |
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Stromprophet
Preferred Member
Cash: $ 26.30
Posts: 127
Joined: 09 Sep 2006
Location: Indiana
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quote:
Originally posted by sam1000
Hope you don't have that 155K in a single savings account since FDIC insurance is only for the first 100K
I thought a joint account was insured for 100k for both.
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Thu Oct 19, 2006 8:18 pm |
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Stromprophet
Preferred Member
Cash: $ 26.30
Posts: 127
Joined: 09 Sep 2006
Location: Indiana
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As for buying a house.
I would so wait.
Especially in Cali, the market there is so overpriced it's not even funny. Real estate ran up so much in the last couple years, and the bubble is gone now and prices are still headed down.
The prices are likely still going lower.
Get on MSN money,
http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/HomebuyingGuide.aspx
That is the link to the homebuying guide, there is all kinds of useful information.
The power is so in the buyers hands right now, selling real estate agents are charging an extra percentage to their clients to offer incentives to buying real estate agents on the exchange. Companies are throwing in extras to entice buyers, and it's only going to go further until demand for homes recovers.
I'd say until the Fed lowers the rates, demand will not be high for new homes, so sellers are stuck and you can sit back and wait.
Rates may go higher, maybe 1 more time I think. But it is not certain, and the more than likely outcome is they are going down to drive housing demand again, help with a slowing economy, and to prop up corporate profits.
Why do you need a 300k home? (Is that small or big in your area, and what is your family size?)
I have stripped out the need to have a large home, even if I got married, or had a kid, I would still only get a 2 bedroom house with a basement. In my area this is very affordable, I'm looking at 70,000 for my first house, all brick construction, hardwood floors, fireplace, basement, garage. To me, more house means more money wasted to maintain it, if anything, I would say a larger yard is much more important than the home size, especially for kids, plus it's less money to maintain things like gardens, fences, a playset, than to maintain more house.
More house = more utilities, (more property taxes in my area when compared to buying more land), more items to fill the space, more supplies needed to clean. Plus the all important thing that trumps money any day. Time. You can always get more money, but you can't buy time.
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Thu Oct 19, 2006 8:34 pm |
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