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Is it a bad time to buy real estate?

Discussion in 'Members' Lounge' started by get_nick, Feb 26, 2007.

  1. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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    i've been thinking about buying a condo/townhouse instead of renting, but i'm getting a little nervous. interest rates are going up, houses are staying on the market longer and longer, and properties are starting to level out or even lose value. what do you guys think?
     
  2. BigJ

    BigJ I'm just about that action Boss. VIP

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    They're going to continue I believe to go down in our area until near summer. Then the market will harden a touch. But expect property to sit for a while.

    A few homes I've built are still sitting and a couple years ago we would have sold them, but with the soft market in our area I'm not too keen on building spec's.


    Whatever you do. Buy north of tacoma for real estate. And buy before the interest rates get jacked. My dad's going to be buying another house in the next few months, its just a lot of million dollar homes have come to 800 but he only wants to spend like 700...... so its a pinch.
     
  3. reckedracing

    reckedracing TTIWWOP VIP

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    i'd wait a bit to see how the market goes
    should continue to drop
     
  4. pissedoffsol

    pissedoffsol RETIRED

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    nothing has dropped here. they've simply leveled off for a while.

    really, the only houses that are selling for less, are those sellers who HAVE to move... relocating for a job, etc. Those who are just looking to upgrade but stay in the same general area won't take a loss... they'll just stay there longer.

    in the long run, whats 10 or 20 grand over 30 years? its less than what you pay for your cell phone.

    buy it now before interest skyrockets.
     
  5. Celerity

    Celerity Well-Known Member

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    When you get into a house, remember that even if you break even at the end, when you sell it - You're living somewhere (at that time of sale) FOR FREE. It all comes back to you.

    Get a place that doesn't need anything, a place you can live in .. like I said before "Somewhere that only requires you to keep it clean and not burn it to the ground". That's a win-win. Don't worry about size and shit like that.

    Also, buying a house is always a win over a condo. Condos require nothing from you in terms of effort - Which is why people get them. But that's also why people buy new Saturns. I'm not one of those types of people

    Are you ?


    Anyway, I have 48 more hours before my closing date, and I can then do a write up on the process some more - ontop of what I wrote a month ago.
     
  6. Capt. Orygun

    Capt. Orygun Win the Day

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    should continue to drop. Make a list of a dozen or so properties that you would want. Watch prices fall. As soon as the new uptrend begins buy before it raises to far
     
  7. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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    i don't want to buy a headache. my handman status ends at painting and mowing the lawn.

    i'm just paranoid about getting into something that either loses money or is hard to sell when i move.
     
  8. pissedoffsol

    pissedoffsol RETIRED

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    then dont move :) if you can't get what you wan for it, keep it until you do. That's what it comes down to.

    you can't loose money if you don't sell it :)
     
  9. Celerity

    Celerity Well-Known Member

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    Don't worry about rates and prices. It all balances out. Anytime is a good time to buy a house.

    Not any time is a good time to sell a house.
     
  10. pissedoffsol

    pissedoffsol RETIRED

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  11. jeffie7

    jeffie7 Wrong Whole! VIP

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    You forgot to add "in the long term"

    Buying a house at the peak of a market and knowing you wont be there longer then 5 years is a pretty stupid move IMO. Some of the houses in this area have dropped over 100K in the last 12 months. No doubt they were way over priced to start with, but the point still stands, they're not moving!

    do note, I'm talking about 500K houses not 150-200K houses.
     
  12. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Oh geez... and I'm Bob Vila? lol

    We've ripped the shit out of my carpet already, handiman just takes time to learn the different systems of the house. Buy, fix, have fun and learn something. We're going to look at my plumbing today. I'm going to learn about it.
     
  13. pissedoffsol

    pissedoffsol RETIRED

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    just do what i do... find someone to do it for you cheap :)
     
  14. jeffie7

    jeffie7 Wrong Whole! VIP

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    Head to maryland or any of the southern states and check out the local home depot.
    Nothing a case of beer can't buy you.
     
  15. 95b16coupe

    95b16coupe New Member

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    *this thread was at the bottom of "bad way to leave your estate" thread and I thought I would update, 4 years later. lol

    I didn't buy the condo. it was an amazing place to live, but for the price they were being sold at, a lot of sketchy people moved in. Pretty trashy, loud, with kids, etc. The home value had dropped $30,000 since I looked at it. Might not sound like much, but it was listed at $210,000. So almost 15% in just a couple of years. Interest rates tanked, so I would have needed to refinance. The job I was working at while I was there, I quit a month after I started the thread. Plus, I ended up moving closer to work than where this specific condo was.

    Hindsight, I got lucky and didn't buy.
     
  16. Briansol

    Briansol Admins Admin VIP

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    Now's a GREAT time to buy...... if a bank will deal with you :)
     
  17. 95b16coupe

    95b16coupe New Member

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    too bad i'm scared of that much commitment. i'm nervous just trying to buy a car. lol
     
  18. Cashizslick

    Cashizslick !i!i!i!i!i!i!i!i!i!i!i!

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    Not really, we are in the second stage of another dip.
     
  19. B16

    B16 Super Moderator VIP

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    If you can get a mortgage that costs as much as what you're paying in rent, then do it.

    Writing off intrest is a nice tax break.
     
  20. Briansol

    Briansol Admins Admin VIP

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    yup. Nothing like writing off 20 grand a year in interest :X
     
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