When should I buy a home, considering the market is still going down?

Question

I need to purchase a home, however, I am very concerned that I will be 'upside down' in regards loan to value almost immediately. home values continue to sink, as far as I can tell. What should I consider about my purchase regarding location, timing, and value? This is a scary time! thank you!

Answer 1

USE YOUR HEART FOLLOW IT AND BUY NOW BEFORE MCCAIN ELETED TO SOLVE OUR PROBLEMS

Answer 2

I would like to suggest to try to get as much information as you could before making up your mind,here is a very resourceful one.http://home-mortgage.online-tips4u.info/...

Answer 3

Wait a while yet as there are still major problems to hit the US (and global) economy. House prices can go a long way down yet...

Answer 4

I am looking to buy my first home as well right now.  And the uncertainty factor is killing me.

I have done research, and I think house prices will contine to fall.  And I think they are going to fall dramatically in the next 6-9 months.  I am looking at next spring.  

I just looked up a town near me, with a populatino of about 8,000 and there are like 148 homes for sale.  That is like 1 out of 12 houses!

When I was a little kid I collected baseball cards.  I used to buy these price guides that told me how much cards were worth.  i believed them.  One day I got a pack, opened it up, and there were 4 Bo Jackson rookie cards.  I looked up in my guide, and it said they were worth $6 a piece.  I thought I was rich.

The next day I went to show my friends.  I found out they also each had 3-8 Bo Jackson cards apiece.  So in reality, my cards weren't worth hardly anything if I put them up for sale.  There were TOO many of them.  

Supply and demand will rule the day.  There are too many houses and not enough buyers.  Patience will pay off big for you and me.  Good Luck!  

Answer 5

Buying now isn't a bad idea.  You can find plenty of forclosed homes at discount rates.  The market should correct itself soon enough and you may wind up with a great investment in the long run.

Answer 6

Some may think the election has a big impact on the real estate market, but it doesn't.  It may show improvement next spring, but only because I think the market will begin it assent from the bottom.  Fingers crossed!  It is still a good time to buy. No one really knows if the market will continue to decline, some area's will, some area's are already seeing a stabilization, some (small) have seen a slight increase.  It depends on the market you are buying in.  Do your homework, work with a Realtor, ask for stats on area's you like and have the Realtor compare from 6 months back to 1 year back. That will tell you if that area is still declining.  As I'm sure you know, you want to buy something at a low price in a neighborhood of higher priced homes.  

Answer 7

A home is supposed to be a long term investment, the view that it was a short term money machine is what caused this mess. Myself in the process of buying one now you have to look at least 10 years down the road not 6 months. Not scary if you put it in the correct perspective.