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purchasing a home vs renting
Posted on 9/19/11 at 1:47 pm
Posted on 9/19/11 at 1:47 pm
Who thinks it is a good time to buy? Why?
Who thinks it is not? Why not?
Ignoring the fact that everyones situation is different, what are your thoughts?
thoughts: Rates and home prices are real low, but will likely stay low for another two years. It would be best to purchase before the rates and prices rebound. I think summer 2013 is the earliest time buying would make sense.
Who thinks it is not? Why not?
Ignoring the fact that everyones situation is different, what are your thoughts?
thoughts: Rates and home prices are real low, but will likely stay low for another two years. It would be best to purchase before the rates and prices rebound. I think summer 2013 is the earliest time buying would make sense.
2
Posted on 9/19/11 at 3:56 pm to tigeralum06
Depends on where you want to buy. I think anything you buy in the next 2 years, you will get at low price/rate, so it's hard to go wrong if you buy in the right place.
I never resell a property within 5 years of purchase so my opinion is based on that...
I never resell a property within 5 years of purchase so my opinion is based on that...
This post was edited on 9/19/11 at 3:57 pm
Posted on 9/19/11 at 4:02 pm to tigeralum06
Personally, I think it depends largely on your need for mobility. I wouldn't buy a house I didn't fully intend on staying in for 10 years.
We are only at the bottom regionally. Interest rates are great, but some regions might still have a decent slide in prices left in them. That's going to depend on the localized economy, jobs, etc.
If you have a job, or are in a profession that might realistically require you to move to stay employed, any time in the next several years... think long and hard about renting.
Here's something else to think about, post 2008...
People purchase houses based on the monthly note. Not the price, and not really the interest rates, although those things can affect the timing.
If interest rates go up... and they really have to... prices will need to come down to keep monthly notes affordable. For this reason, buying a house thinking that it will be guaranteed to appreciate in value is a sucker bet.
We are only at the bottom regionally. Interest rates are great, but some regions might still have a decent slide in prices left in them. That's going to depend on the localized economy, jobs, etc.
If you have a job, or are in a profession that might realistically require you to move to stay employed, any time in the next several years... think long and hard about renting.
Here's something else to think about, post 2008...
People purchase houses based on the monthly note. Not the price, and not really the interest rates, although those things can affect the timing.
If interest rates go up... and they really have to... prices will need to come down to keep monthly notes affordable. For this reason, buying a house thinking that it will be guaranteed to appreciate in value is a sucker bet.
Posted on 9/19/11 at 4:43 pm to coloradoBengal
The region would be new orleans. The plan would be to purchase a property that would be converted to a rental.
However, I don't want to purchase a home when the value is going to be flat while I have other debts.
Ideally I would buy either right before the market/rates increase or when the debt is paid off.
However, I don't want to purchase a home when the value is going to be flat while I have other debts.
Ideally I would buy either right before the market/rates increase or when the debt is paid off.
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