Right Time to Buy a house?

[topgame85]

With housing prices plummeting is it the right time or will we bottom out much lower 22 now time to start thinking about getting a place? Info and ideas welcome..........

[bigboydan]

Probably would be a good time to buy a house IMO sir.

[Sinister Cat]

Case (of the case-shiller index) thinks it is:

http://blogs.wsj.com/economics/2008/09/11/case-shillers-case-housing-may-be-near-a-bottom/

[fiveteamer]

don't try and predict a bottom.

[topgame85]

I mean I figure it will bounce back and to get it during the downturn will make it just that more valuable (better ROI) longterm, to me it is really more of an investment than a "home" per se and I want to maximize potential return so obviously if I buy now and prices drop more I will be mad

[bigboydan]

If your going to live there over a long period of time. Then I'm sure you will not lose money on your investment sir.

[pavyracer]

Problem is that it's much tougher to get a mortgage now without a down payment.

[SlickFazzer]

If your going to live there over a long period of time. Then I'm sure you will not lose money on your investment sir.

Yep.

[bigboydan]

Problem is that it's much tougher to get a mortgage now without a down payment.

I thought that was only for jumbo loans only Mr.Pavy.

[topgame85]

Problem is that it's much tougher to get a mortgage now without a down payment.

I could prob get 20% + down dont want a scam sub prime mortgage anyway

[bigboydan]

I could prob get 20% + down dont want a scam sub prime mortgage anyway

That mortgage insurance they make you buy if you don't have the 20% is something else you would have to worry about.

[R3Sports]

Yes.

[pavyracer]

I could prob get 20% + down dont want a scam sub prime mortgage anyway

Best thing to do is have 20% down before getting mortgage. Best time to buy is on a house that's been seating around for a while with motivated sellers. Offer them 20% less than what the asking price is so when they come back with their offer you will negotiate to 10% less than the asking price or you might get lucky like I did when they accepted my 20% offer below asking price.

[topgame85]

Is there a good way to find out when houses were listed and have been sitting around? Or is it just kind of a guessing game

[pavyracer]

Is there a good way to find out when houses were listed and have been sitting around? Or is it just kind of a guessing game

Check to see if the yard is mowed or has weeds, the trees are pruned, the gutters are full of leaves, ask the neighbors when the current owners vacated the house, just do your research. I believe when you sign the offer sheet it should say on the sheet when they actually put the house on sale so you can get an idea. Ask many questions to your real estate agent.

There are also websites that will tell you the history of the house you intent to buy by just typing the address, i.e. when was it built, how many owners did it have, how much each owner paid for the house, how much other houses in the area are being sold etc.

[bmw530i]

It really also helps where you will be purchasing this home...for instance Las Vegas keeps plummeting. Something else to keep in mind I just had a couple get turned down for a $12,000 kitchen renovation and they had a 620 score. One year ago they would be an instant approval.

[Fishhead]

ABSOLUTELY NOT!!!!

Unless you get a great deal!

People were saying this 6 months ago, don't believe for a second this is a good time to buy.

I think we go 10-15% lower from here.........AT LEAST.