Buying a new house??????

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skittles778
Buying a new house??????

My hubby and I are thinking about buying a new house, but we aren't sure where things are going with this market crap. Have any of you guys bought a house in the last 6 months, and if so, has the value of your property gone down since the purchase? I have a friend who bought a house 3 months ago and her value already went down $30,000!

   

   

Almost Evil
Re: Buying a new house??????

I think it depends heavily on where you plan to buy.

D G
Re: Buying a new house??????

most homes undergo foreclosure because owners cant make payments, but also because of upside down loans (when the value of a home is less than what you owe on it)

since the house of rep just voted this afternoon against the bailout plan and markets are tumbling... the two largest banks in history failed and three european banks as well, with more likely to come.

i would wait.

skittles778
Re: Buying a new house??????

Yes i see that stuff on the news everyday! Kinda like what in the hell is this world coming to?  We got troops fighting a senseless war and dying out there and over here at home everything is going to crap!

.......Cherish today as if it were your last!

bella22
Re: Buying a new house??????

Yeah.... but it is a buyers market. Just make sure that if you do get a loan you get a loan from a bank like Chase or someone who you think/know your mortgage will be more secure with. For example, we had our loan through a Credit Union but they closed so they just transsfered our funds to Chase, no biggie, nothing was lost and we didn't have to pay extra. Just do your research but it's def. a buyers market right now.

-Pain is weakness leaving the body- USMC OOrah!

bella22
Re: Buying a new house??????

Well we just bought our house in March. But it was short sale and they reduced the price. We walked into $50,000 worth of equity, but with the market so bad right now I don't even know if it's worth the reduced price we bought it at. And really it just depends where you buy it. Some states have it worse than others. Just do your research and get yourself a good realtor. And whatever you do, DO NOT get an ARM (Adjustable Rate mortgage).

-Pain is weakness leaving the body- USMC OOrah!

sunshine23
Re: Buying a new house??????

It definitely depends on where you are wanting to buy. It is absolutely a buyers' market right now...especially if you are buying a new construction home. Builders are offering incentives to buyers like never before and discounting the sales prices like crazy. You will be able to find a deal on a new home that is already completed or close to completion. Builders really want to reduce their inventory. With interests rates where they are, and builders discounting sales prices, it is a GREAT time to buy! There are so many people who desperately want to buy a new home right now but they are unable to because they have to sell their current home first. If you are in a position to buy, I would suggest doing your homework...compare builders, ask about warranties they offer and talk to people who are already living in the neighborhoods you are interested in. You do want to be careful about buying from a builder who may be going out of business because chances are he will not be around if you have any warranty issues. It is a shame about your friend's situation. The market is going to come back, but it will take around 2 years. I am an associate broker for a real estate developer/builder and we have had some really slow months, but in the past 6 weeks we have written 48 contracts...all on standing inventory homes. So, for us the market has picked back up a little. Good Luck!

slake2000
Re: Buying a new house??????

My husband and I just bought a short sale.  You can find some great deals on short sales and forclosures right now. 

Advice drawn from more years than I am going to admit to in the real estate and mortgage industry:

1.  If you are going to buy plan to be in the house for a minimum of 5 years.  The market is going to continue going south but it will eventually turn and go back up.

2.  Financing is going to be increasingly difficult to find.  If you can't find a mortgage company don't forget about your local bank.  Your loan will probably be bought and sold a dozen times but the only difference it will make to you is where you send the check.

3.  Look at your and your husband's jobs and decided if the economy really goes south will you still have a job.  If there is a chance of you having to move due to jobs don't buy a house because the odds are you won't be able to sell it until the market turns around.

4.  Only look at fixed rate mortgages.  ARM loans are a short term loan program designed for people that move every 2-3 years.

5.  Make sure you have plenty of cash reserves left over after closing.  If we drop into a depression you will need those reserves because during those times cash is king.

 

It sounds like right now you are just thinking about it.  However if you decide you are going to buy one let me know and based on the location you want to buy in I can give you more details of how to negotiate the mine field of the housing market.

Hot2na
Re: Buying a new house??????

the current "bailout gate" hasn't affected us buying or building at all this past week. we are considered gold to sellers, realtors, and builders. you wouldn't believe how we were wined, dined, and chauffeured to and from new home sites and our suite from builders just begging for us to ink a deal. was pretty fab! now i sit and let them sweat it out as i come up with my list of demands on their dime.

I am Keeper Of The Whip!

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