Is it agood time to buy now or is it better to wait?

Question

i have 2 mid-600 scores and a high 600 score and i wanna buy a house around $70,000 in houston and i wanted to know if i should buy now or wait.

Answer 1

Don't wait! That home will be gone quickly!

Answer 2

it's a good time to buy

Answer 3

The best loans right now are asking for 700 or above. If you can qualify for a home loan and you can budget the payments then the timing is right

Answer 4

Buy now.  Why?

Lets assume that prices drop another 10% - on a 70000 home this would be 7,000.

But lets assume that interest rates go up (and the odds of this happening are VERY VERY GOOD).  if ranges go up just 2%, it would cost you 105 a month (on a 63,000) loan.  However, the 7,000 you 'saved' by waiting will only save you $42 a month.  This means that the "cheaper" price has actually cost you $63 a month.

PLUS if you wait a year and if you are a first time homebuyer, you would have lost out on the US gvpt REBATE of 7,500.

Answer 5

I am in Real estate in Houston.  This market is not going down like a number of others.  The ecomony is riding Energy, and Technology Highs.

If you have the money (CASH) now is an OK time to buy.  Not an excellent, but OK time to buy.  As far as for investment - houses have not been preforming as their historical models show - so don't expect a cash bonanza.

It is better owning than paying for an apartment though - you get value not the landlord.

Answer 6

It's actually a personal choice. I think it is a great time to buy because the prices are down but then everyone else says that the prices are coming down even further so waiting is better. We bought in October and now the house across the street from us that is exactly the same is for sale for $100,00 less than what we bought ours for.

Good luck!!

On another note, you can really buy a house for $70,000?? Wow, congratulations!!!!!!

Answer 7

Real estate is local, not national.  So when you read all these reports about what's going on, you have to realize that often they're looking at a national aggregate.  Be sure to read Houston-related reports.

I don't know Houston all that well, but I do know that it is a different market than most.  Homes are very cheap - possibly the cheapest major city in the entire country.  I also know that the economy is moving along just fine there, which means that unemployment will remain low.   Therefore you won't have people losing their homes left and right.  That will help homes keep their values.

Lastly, I read an article within the past week on cities that are good to invest in and Houston was on that list.  Whether to buy or rent is up to you, however if you do decide to buy, the upside of the Houston market is likely much better than the downside.

Answer 8

Everyone in the business that i have talked to on a professional, non-sales basis has said wait. Reason being that the market is still going down...smart money says don't take out a loan on a depreciating asset.

Answer 9

NOW >>

Answer 10

If you need a place to live, buy one.  No reason to wait. .

Answer 11

The housing markets in Texas haven't been affected by the mortgage crisis like many markets in the country that you may be hearing about.   Even if it had been, waiting to buy a home is rarely a good idea.  You will continue to pay rent that could be going towards building equity and if prices rise as they almost always do you could find that you can afford less house later than you can now.  Plus life is much better when you own your home, and you can actually improve it without feeling like you're throwing your money away.

Answer 12

BUY NOW! BUY NOW! BUY NOW!

The only zero down program left is FHA, and down payment assistance (that gets you to zero down) is going away as of Oct. 1.

If you had NO bills on credit (no car payments, student loans, etc). You (may) qualify for a $70000 house with gross income of only $1600/month!!

Get with a mortgage professional today! Bring your paystubs/W-2s/bank statements today!

Best of luck!

Answer 13

Wait, it hasn't hit bottom yet.  You'll know when that 70K house will be going for 45 or 50K.

Answer 14

Buy it now. Who knows what tomorrow holds.