Is now the best time to buy a house in the Midwest?

Question

I want to buy a townhouse soon in the Midwest (Minnesota/Wisconsin area). Is now the best time to buy a house since the market is down or should I wait another year?? If it helps, I will be a first time buyer.

Answer 1

Anytime is a good time to buy a house if you have the need and can afford it.

Answer 2

You should definitely wait another year or even two. Right now houses that sold for $125k two years ago are sitting on the market for $84k, which means they are really worth less. We have not seen the lowest of the slump yet and forclosures are still rising. Any house that you buy today will be worth less next year. This means you will owe more on it than it is worth and will not be able to sell it anytime in the near future without experiencing a loss. DON"T DO IT!

Answer 3

I think now is a kind of bottom line that we're living.. If you need, it might be the best time..

Answer 4

nooo

Answer 5

Now is a great time to buy, if you have the credit and income to qualify for a mortgage.  Prices are still down, and there are a lot of houses on the market.  You can shop around for just the right house, neighborhood, etc.  Don't be tempted to buy a huge house, thinking that the market will zoom up and you'll be house-rich in just a few years.  It might happen, but it might mean that you'll be just one more statistic in the foreclosure epidemic.  Stay reasonable, and pick one that suits your needs now and for the reasonable future.

As a first time buyer, I strongly urge you to get a realtor to work with.  This is likely the most expensive transaction you've ever made in you life.  Why not get an expert to help you?  Go to open houses, and interview realtors.  Don't feel bad about doing it - this is part of the reason they hold open houses.  You should talk to at least 3 different ones.  If you don't find someone you're comfortable with, talk to more.  You want to find a person that you can work with and trust.  

Ask the realtor if they can act as a buyer's agent.  In my area of the midwest, realtors are legally required to represent the seller, even if they are working with the buyer, UNLESS they have signed a buyer's agent agreement.  Then they are legally representing the buyer.  It's a crazy setup, but it puts them in your corner, and that's important.  If the realtor can't explain this fully for you, you have the wrong realtor.

Start the mortgage application now.  You don't want to be just pre-qualified, you want to be pre-approved.  This way, once you find the right place, you already have the financing in place.

When you find a house, be sure to require that an inspection be done by a qualified inspector.  You want to know EVERYTHING about this place, from the condition of the foundation to the status of the shingles.  It's not an expense - it's cheap insurance.  Your offer to buy should allow you to get out of the deal for several reasons - bad news on the inspection, you don't qualify for a mortgage for this amount, etc.  If the offer doesn't have this language in it - you have the wrong realtor.

Good luck with this all - it's a crazy, emotional roller coaster ride when you buy a house.  But stay calm, stay focused, keep GREAT records, and in the long run you'll come out of it happy.

Answer 6

House prices are dropping like a rock. Buy if you find something you like. You will never time it exactly right. /

Answer 7

KDK, I`m very awared of your question. First thing first, it`s always about `Fengshui`. Please be bear in mind not to buy any houses that located to those Hurricance and Midwest flooding areas.

It`s not just money. It`s about lives, too.

Wish you best of luck and best regards!