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I've been thinking about buying a condo lately, and was wondering if OT has any helpful experiences, and if people on here that a real estate savvy think that this is the time to buy with all the short sales available.
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Posts: 22,783
Joined: Jan 07Jul 14th, 2011 (7/14/2011 1:47am) in reply to m0ss
If you are planning on living in that house for at least 10 years, now is a great time to buy.
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Just based on the market in my area, I would say buy a house if you have a choice. It's easier to resale a single family home than a condo or townhome.
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Posts: 8,792
Joined: Jan 06Jul 14th, 2011 (7/14/2011 1:50am) in reply to ECUgirl
If you are planning on masturbating in that house at least 10 times, now is a great time to buy a large collection of VHS pornography.
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Posts: 12,416
Joined: May 06Jul 14th, 2011 (7/14/2011 1:51am) in reply to El Burro
I'm 26 and was able to lock up a 4.15% interest rate on my townhouse. That should tell you something. Buy now!
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Posts: 14,473
Joined: May 05Jul 14th, 2011 (7/14/2011 1:51am) in reply to LeftyMark
I wouldn't say now is a great time to buy no matter the reason for buying a house. Prices will drop another 20%+ over the next couple of years. We are still in a bubble.
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Posts: 12,416
Joined: May 06Jul 14th, 2011 (7/14/2011 1:53am) in reply to Dyzalot
I doubt interest rates are dropping more than what they were last 1/4 of last year
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I'll sell you my house! The exact same house in my neighborhood just sold a couple months ago for 30K less than what I paid for mine in '06. Weeeeeeeeeeee :) I have NO EQUITY and no possibility of equity for God knows how long. But, I'm not bitter. Nope, not at all. My timing sucks!!!!!
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Posts: 14,473
Joined: May 05Jul 14th, 2011 (7/14/2011 1:58am) in reply to Camz
Housing prices will though. Is it worth paying a couple percentage points higher for a 20% savings on the purchase price? What about if it goes up ten percentage points. Guess it kind of depends on where they will be in a couple of years and I have no idea. The Fed is thinking of doing a QEIII now so I can't see them raising interest rates anytime soon.Originally Posted by Camz
I doubt interest rates are dropping more than what they were last 1/4 of last year
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Originally Posted by Camz
I doubt interest rates are dropping more than what they were last 1/4 of last year
This man is right. -
Posts: 12,416
Joined: May 06Jul 14th, 2011 (7/14/2011 2:00am) in reply to Unforseen
Idk i'd have to figure out the math...but you're saying houses are gonna be 20% less like it's set in stone...that's not a fact. Part of the gamble you take i guess.
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MeJahAndOmaha
doesn't talk to roommates
Posts: 3,175
Joined: Feb 08Jul 14th, 2011 (7/14/2011 2:00am) in reply to Dyzalot
I'm counting on this being true.Originally Posted by Dyzalot
I wouldn't say now is a great time to buy no matter the reason for buying a house. Prices will drop another 20%+ over the next couple of years. We are still in a bubble.
Anticipate buying my first home within the next 2 years; could pull it off now but wouldn't be very comfortable with the financial cushion I'd be left with. 2 more years of savings plus 10-20% cheaper housing prices would be ideal for me. They could bring back the $8k first time home buyer tax break too. That'd be nice. Thats nearly 5% on a $180k home. -
Posts: 5,213
Joined: Jul 07Jul 14th, 2011 (7/14/2011 2:01am) in reply to MeJahAndOmaha
Who knows when the "perfect" time to buy would be; but now is definitely a very good time to buy. You'll get low rates and should also get good value for whatever property you are looking to purchase.
I am in the process right now. I got the sellers to lower the asking price by ~20%. I also got a great low rate (4.xx %).
I just signed a 7 year contract at a hospital, and the only two items the CEO wanted to discuss were Mizzou football and me purchasing a house instead of renting. Everyone I've talked to has said to purchase if you are planning on staying in that location for 5+ years. This seems reasonable. Buy your condo/house now, and get great return on it down the road when the economy bounces back (if you are wanting to move/sell). -
Posts: 3,329
Joined: Oct 05Jul 14th, 2011 (7/14/2011 2:03am) in reply to Camz
i wouldnt buy if you are expecting the value of your property to go up in the next few years. on the contrary, im pretty sure real estate is going to continue to struggle at least thru next year.
however, if you are in it for the long haul or are looking to purchase rental properties...im trying to put some money together to start buying 100-150k homes to turn into rentals...its so hard to get financing for a mortgage now that a lot of people who were homebuyers 5 years ago are now renters, and rentals seem to be going for a premium...it doesnt seem unreasonable to collect 6-7.5% of the purchase price annually in rent.
good luck whatever you choose. -
Posts: 36,709
Joined: Sep 07Jul 14th, 2011 (7/14/2011 2:04am) in reply to m0ss
I wish the gov had/would let the market sort itself out instead of keeping prices artificially high. then it would be a great time to buy.
altho buying an overpriced house with rock-bottom interest rates now v. buying a correctly-priced house at higher interest rates later may be +ev -
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Joined: Aug 07Jul 14th, 2011 (7/14/2011 2:10am) in reply to Luho
HELLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL NO!!!!!!!!!!!!!!!!!!!!!!!!!!
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Posts: 14,473
Joined: May 05Jul 14th, 2011 (7/14/2011 2:10am) in reply to Luho
Anyone thinking they will build equity through rising housing prices over the next five years is crazy.
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MeJahAndOmaha
doesn't talk to roommates
Posts: 3,175
Joined: Feb 08Jul 14th, 2011 (7/14/2011 2:11am) in reply to NUTZREALHUGE
This seems to be a brutal fact about recessions. People can't afford their homes and people who would normally have been purchasing homes delay that move to save money, so the demand for rentals goes up. So as housing prices are tumbling, jobs are hard to find, and people are looking to save money any way they can, apartment and house rental prices remaing steady or even increase.Originally Posted by NUTZREALHUGE
im trying to put some money together to start buying 100-150k homes to turn into rentals...its so hard to get financing for a mortgage now that a lot of people who were homebuyers 5 years ago are now renters, and rentals seem to be going for a premium...it doesnt seem unreasonable to collect 6-7.5% of the purchase price annually in rent.
Sucks for everybody except rental property owners. -
Posts: 14,473
Joined: May 05Jul 14th, 2011 (7/14/2011 2:15am) in reply to MeJahAndOmaha
If it wasn't for government rules every homeowner would also be a potential rental property owner.Sucks for everybody except rental property owners.
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Posts: 6,442
Joined: Mar 09Jul 14th, 2011 (7/14/2011 2:45am) in reply to LeftyMark
Things to look at:
Taxes
school district
Comps
Local industry/job growth
HOA's
In my area, condos and townhomes are selling better in a bad economy, in my area single homes are taking the biggest hit in equity. Condos are also easier to rent out than single homes. I believe AZ has the worst market in the country, so be sure to shop around if that's where you are.
I'll add, I agree with purchasing real estate right now based on interest rates.
Side note: for anyone with good equity in their property, now is a really good time to grab yourself a credit line below 4%. -
Ok, I have a question. How will we know when we've hit bottom in regard to the housing market? When I bought my house, it was FSBO, and my realtor told me they had it priced way low. It appraised for over 2K more than what I paid for it. I thought I was going in with equity and getting a good deal. Two years or so later, housing market crashes. Now, I'm about 25-30K in the hole. How is this my fault? I momentarily lost my crystal ball, I guess?
Sorry for the thread hijack, this issue just makes me mad. Why don't the banks absorb some of the loss? Why do they get to skate by and the consumer is the only one getting screwed? They made the loan. They agreed with me that my house was worth what I paid for it. Maybe we should split the difference? I trusted my realtor, the appraisor, the loan officer. Aren't they the experts?
Just be careful, OP. That's all I'm gonna say. You don't want to end up in my shoes. -
Posts: 14,473
Joined: May 05Jul 14th, 2011 (7/14/2011 2:52am) in reply to ECUgirl
Edited By: Dyzalot Jul 14th, 2011 at 02:54 AMBecause consumers let them by not defaulting. You signed a contract with the bank. In that contract is the option to dump your house on the idiots who overvalued it when they loaned money to you. Problem is that people think it is morally wrong to do this. I disagree. It is covered in the contract. More homeowners in this position should be using the threat of default as leverage on their lender to renegotiate the deal.Why don't the banks absorb some of the loss? Why do they get to skate by and the consumer is the only one getting screwed?
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Posts: 3,901
Joined: Mar 06Jul 14th, 2011 (7/14/2011 3:02am) in reply to Dyzalot
Investments are always a risk. You can't blame anybody. You did what you thought was right for you at the time. If you did it 7 years earlier it would have been way better obviously.
The housing bubble was pretty easy to spot. I mean c'mon think about it. Now that we have hindsight it's pretty easy to see what happened. Mortgage brokers are the biggest culprits in the situation. I mean the ones that gave out mortgages that shouldn't have been written in the first place with all things considered. Just because you are underwater right now doesn't mean shit. If you can't afford your mortgage right now you are just as much to blame for signing as your broker is for giving the loan.
If you can afford it then don't worry about it. The days of I am going to buy a house and flip it have been over for a few years now. Dyz is guessing that housing is going to drop 20 percent more. He doesn't know and neither do I. He might be 100 percent right. He could also be wrong.
Not many people are savvy enough to guage what any market will do whether it be real estate, stocks or anything else. Even the savvy people lose sometimes on a much grander scale. -
But I don't want to ruin my credit :( I've worked hard for it.
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Posts: 3,901
Joined: Mar 06Jul 14th, 2011 (7/14/2011 3:06am) in reply to ECUgirl
I don't think he is suggesting that. He is saying that consumers like yourself should be able to use the position you are in to renegotiate your deal with the bank and maybe get a lower rate based on a lower valuation.Originally Posted by ECUgirl
But I don't want to ruin my credit :( I've worked hard for it.
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Autolobotomist
playing air is my style? so what
Posts: 10,059
Joined: Jun 07Jul 14th, 2011 (7/14/2011 3:14am) in reply to rocket5
Edited By: Autolobotomist Jul 14th, 2011 at 03:18 AMOriginally Posted by Dyzalot
I wouldn't say now is a great time to buy no matter the reason for buying a house. Prices will drop another 20%+ over the next couple of years. We are still in a bubble.
What Dyz said, particularly here in Arizona. AZ prices likely still have a long way to go down, and even if they don't there is absolutely no risk of them going up.Originally Posted by Dyzalot
Anyone thinking they will build equity through rising housing prices over the next five years is crazy.
-Year over year median price in Arizona fell 13% in May.
-There are close to half a million more homes than households in metro Phoenix and more people are moving away every day.
-16% of Arizona homes are vacant.
-DES just said a couple of days ago that there are 10 people unemployed for every job opening in Arizona and that about 45,000 people are scheduled to be losing unemployment benefits in the next six months.
On a national scale the tax credits delayed the freefall of prices a little bit for the last couple of years, but truthfully the people that were using the tax credits we're people that had no business buying homes and are likely to default. If you could afford to be a homeowner you weren't buying a new one over the last couple of years. For one, you didn't need to, and two, you couldn't sell your home after the plunge in prices in 07-08. In 2009 over 90% of mortgage originations nationwide were GSE loans ( http://www.housingwire.com/2010/09/2...009-fed-survey and http://robertstoweengland.com/index....-to-gse-reform ). They were 3.5% down and received down payment assistance in the form of the tax credit. The people buying houses for the last 2 years, investors aside, had no ability to buy on their own and are huge default risks. The homes bought by investors don't really change the market since they're largely unoccupied and the total home inventory doesn't change from investors, it changes from households.
The foreclosure crisis part 2 is coming in the form of default by the roughly ~400 billion dollars worth of adjustable, interest-only mortgages that reset in the second half of 2010 and throughout this year as people run through their savings and realize that once they have to make principle payments they can't pay for their homes, and as well from the inevitable default from the suckers I described in the last paragraph.
Even that hopelessly retarded shithead Jay Butler has acknowledged that there's a problem. Sure you'll see prices and sales stabilize or maybe even rise slightly for the next couple of months like they do every summer and your realtor will tell you we're at the bottom (again), and then in the fall he'll be scratching his head and his balls wondering what the fuck happened (again) because realtors don't understand seasonal changes in their own business. -
rocket, I can make my payments right now. But, I have a second mortgage that's a variable rate (this was recommended by my mortgage broker and realtor so that I wouldn't have to pay PMI, it made sense to me at the time. I think PMI is a racket anyway) and I'm seriously concerned I won't be able to make my payments if interest rates go way up. I was banking on getting raises over the past four years, which hasn't happened. None of the scenarios that I looked at have occurred. I'm not a dummy and I based my decision on the information provided to me at the time, as well as historical information about the real estate market (my area saw 2-3% minimum appreciation per year historically). I honestly didn't see this coming. And I wasn't one of those people who bought a house way out of my price range. I qualified for a MUCH larger mortgage, but I didn't go there. My house was actually about dead average in terms of value in my area at the time. Anyway, you're right, it's a risk. But didn't the bank take a risk too? It shouldn't just be my risk.
I've tried. They won't do shit about my second mortgage, which is the problem. Not the primary one. I'm screwed :(Originally Posted by rocket5
I don't think he is suggesting that. He is saying that consumers like yourself should be able to use the position you are in to renegotiate your deal with the bank and maybe get a lower rate based on a lower valuation.
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