Home buying?

Question

im a current home owner, i want to rent the house i am living in right now and buy a new home without selling. is now the goodtime to buy a home in a nice are for a low cost or will the housing prices go down more next year

Answer 1

I just refinanced and the appraiser who came by said this is about as bad as it should get, but it will take about 3-5 years for the market to get going again.  I would buy now.  Interest rates are low (steadily going up every few days though) and house prices are still where you can get a good deal because they've been on the market for so long people just want to get rid of it to move on.  I say go for it.

Answer 2

Now is a good time to buy as long as you intend to keep the house for several years (I'd say you need to plan on keeping it for at least 5 years, to allow the market a full recovery).

I think you can't go wrong buying right now as long as you intend to keep the house. If you look at it as a long term investment, you shouldn't care as much what it does over the course of one year, you should be more concerned with the overall trend. Even if prices go a little lower, they are still very low right now. I'm sure that if you buy now and the market recovers, the last thing you'll worry about when cashing out your equity is the idea that you could have gotten the house 5% cheaper with more perfect timing.

Realistically, your odds of getting in at the perfect time, right when the market hits its lowest point are very slim. Focus on trying to get in while the market is low, rather than on being perfect and hitting the absolute lowest point, or else you might miss this market down-turn alltogether.

Answer 3

I think prices will go down for 3 more years. So dump your house now.  On the other hand, i am a landlord and you have to start somewhere so this would be a good rental.  You know all about it.