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Home Page > Finance > Personal Finance > Is it a Good Time to Buy a House?

Is it a Good Time to Buy a House?

Posted: Mar 25, 2009 |Comments: 0
|

]]>

It’s a constant question now in the real estate market: Is it a good time to buy a house? Of course it is difficult to answer in an article since you may be reading this years after it is written, when conditions have changed. But whenever you find this article, the following three crucial factors are what you’ll want to look at to answer the question for yourself.

Home Values

At the moment, the first thing most people are wondering when they ask if it’s a good time to buy a house, is whether prices have finally stopped falling. Since a home is seen as an investment of sorts, we all like the idea of buying when values are rising. I am writing this in early 2009, and no, home values not only are not rising in most areas, but they don’t seem to have stopped falling.

We just bought a home anyhow, and there are several reasons why we felt comfortable doing so. The first is that prices don’t seem to be falling much in our area (Canon City, Colorado). Apart from the various foreclosures that are dragging prices down a bit, the market here is much more stable than in other parts of the country. A stable job base and the fact that prices never rose too far too fast during the “boom times” helps.

The real estate market does not act the same everywhere in the country. So to see if a bottom is near or if prices are rising, pay close attention to what is happening where you are. On the other hand, we did not buy counting on rising prices, because that is not the only determining factor. In fact, it is possible that the problems in the country will get worse and drive prices down 10% or 15% even here. So what else made us decide that for us it was a good time to buy a house?

Interest Rates

At the moment you can get fixed rate 30-year mortgage loans at about the lowest interest rate in your lifetime (no matter how old you are). Our own rate is 4.5%. That’s not a variable or “teaser rate.” It is fixed for the thirty years of the loan.

Let’s look at why this matters so much – as long as you plan to stay in the house for a while, as we do. Suppose you pass on a house that is selling for 0,000 and waited a couple years while prices fall another 10%. But suppose that at that time interest rates were up around 7.5%. You buy the house for 0,000. The payment (assuming you have a 10% down payment and borrow 2,000) is ,132 each month for principal and interest.

But what if you had bought at 0,000 and put 10% down? Then your payment on the 0,000 loan would have been 2. That’s right, you would be paying 0 more each month if you waited and bought at the lower price. That amounts to ,200 more that you would pay over the thirty years if you stayed in the house that long (,200 more in payments, but you saved ,000 on the down payment). This demonstrates the importance of the interest rate in determining your true cost.

Personal Situation

Is it a good time to buy a house, then? That depends not only on prices and their direction, and not just on interest rates, but on where you are financially. How secure is your income? If you lost your job, could you make the house payments for six months while you looked for another? Can you count on finding another job that will provide enough income to pay for the house? Are you going to be staying in the area long enough to justify buying (renting can often make more sense if you will be moving within a few years)? These are the more difficult questions to answer, but perhaps the most important in determining if it is a good time for YOU to buy a house.

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Copyright Steve Gillman. For more on whether this is a good time to Buy a House, and for a free real estate investing course and ebook on how to buy cheap homes, visit: http://www.HousesUnderFiftyThousand.com

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Home Page > Finance > Personal Finance > Is it a Good Time to Buy a House?

Is it a Good Time to Buy a House?

Posted: Mar 25, 2009 |Comments: 0
|

]]>

It’s a constant question now in the real estate market: Is it a good time to buy a house? Of course it is difficult to answer in an article since you may be reading this years after it is written, when conditions have changed. But whenever you find this article, the following three crucial factors are what you’ll want to look at to answer the question for yourself.

Home Values

At the moment, the first thing most people are wondering when they ask if it’s a good time to buy a house, is whether prices have finally stopped falling. Since a home is seen as an investment of sorts, we all like the idea of buying when values are rising. I am writing this in early 2009, and no, home values not only are not rising in most areas, but they don’t seem to have stopped falling.

We just bought a home anyhow, and there are several reasons why we felt comfortable doing so. The first is that prices don’t seem to be falling much in our area (Canon City, Colorado). Apart from the various foreclosures that are dragging prices down a bit, the market here is much more stable than in other parts of the country. A stable job base and the fact that prices never rose too far too fast during the “boom times” helps.

The real estate market does not act the same everywhere in the country. So to see if a bottom is near or if prices are rising, pay close attention to what is happening where you are. On the other hand, we did not buy counting on rising prices, because that is not the only determining factor. In fact, it is possible that the problems in the country will get worse and drive prices down 10% or 15% even here. So what else made us decide that for us it was a good time to buy a house?

Interest Rates

At the moment you can get fixed rate 30-year mortgage loans at about the lowest interest rate in your lifetime (no matter how old you are). Our own rate is 4.5%. That’s not a variable or “teaser rate.” It is fixed for the thirty years of the loan.

Let’s look at why this matters so much – as long as you plan to stay in the house for a while, as we do. Suppose you pass on a house that is selling for 0,000 and waited a couple years while prices fall another 10%. But suppose that at that time interest rates were up around 7.5%. You buy the house for 0,000. The payment (assuming you have a 10% down payment and borrow 2,000) is ,132 each month for principal and interest.

But what if you had bought at 0,000 and put 10% down? Then your payment on the 0,000 loan would have been 2. That’s right, you would be paying 0 more each month if you waited and bought at the lower price. That amounts to ,200 more that you would pay over the thirty years if you stayed in the house that long (,200 more in payments, but you saved ,000 on the down payment). This demonstrates the importance of the interest rate in determining your true cost.

Personal Situation

Is it a good time to buy a house, then? That depends not only on prices and their direction, and not just on interest rates, but on where you are financially. How secure is your income? If you lost your job, could you make the house payments for six months while you looked for another? Can you count on finding another job that will provide enough income to pay for the house? Are you going to be staying in the area long enough to justify buying (renting can often make more sense if you will be moving within a few years)? These are the more difficult questions to answer, but perhaps the most important in determining if it is a good time for YOU to buy a house.

Retrieved from “http://www.articlesbase.com/personal-finance-articles/is-it-a-good-time-to-buy-a-house-834161.html”

(ArticlesBase SC #834161)

Start increasing your traffic today just by submitting articles with us, click here to get started.
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Steve Gillman -
About the Author:

Copyright Steve Gillman. For more on whether this is a good time to Buy a House, and for a free real estate investing course and ebook on how to buy cheap homes, visit: http://www.HousesUnderFiftyThousand.com

]]>
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If we’re first time buyers what would be the best idea… rent to own or go directly to buying a house? we’re 20
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What are the expenses of buying a house ?

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Source:  http://www.articlesbase.com/personal-finance-articles/is-it-a-good-time-to-buy-a-house-834161.html

Article Tags:
good time to buy a house, buy a house, real estate

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Jeff Thomas, mortgage advisor, explains the steps you have to go through when buying a house, like are there first time home buyer programs (00:53)

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Home Page > Finance > Personal Finance > Is it a Good Time to Buy a House?

Is it a Good Time to Buy a House?

Posted: Mar 25, 2009 |Comments: 0
|

]]>

It’s a constant question now in the real estate market: Is it a good time to buy a house? Of course it is difficult to answer in an article since you may be reading this years after it is written, when conditions have changed. But whenever you find this article, the following three crucial factors are what you’ll want to look at to answer the question for yourself.

Home Values

At the moment, the first thing most people are wondering when they ask if it’s a good time to buy a house, is whether prices have finally stopped falling. Since a home is seen as an investment of sorts, we all like the idea of buying when values are rising. I am writing this in early 2009, and no, home values not only are not rising in most areas, but they don’t seem to have stopped falling.

We just bought a home anyhow, and there are several reasons why we felt comfortable doing so. The first is that prices don’t seem to be falling much in our area (Canon City, Colorado). Apart from the various foreclosures that are dragging prices down a bit, the market here is much more stable than in other parts of the country. A stable job base and the fact that prices never rose too far too fast during the “boom times” helps.

The real estate market does not act the same everywhere in the country. So to see if a bottom is near or if prices are rising, pay close attention to what is happening where you are. On the other hand, we did not buy counting on rising prices, because that is not the only determining factor. In fact, it is possible that the problems in the country will get worse and drive prices down 10% or 15% even here. So what else made us decide that for us it was a good time to buy a house?

Interest Rates

At the moment you can get fixed rate 30-year mortgage loans at about the lowest interest rate in your lifetime (no matter how old you are). Our own rate is 4.5%. That’s not a variable or “teaser rate.” It is fixed for the thirty years of the loan.

Let’s look at why this matters so much – as long as you plan to stay in the house for a while, as we do. Suppose you pass on a house that is selling for 0,000 and waited a couple years while prices fall another 10%. But suppose that at that time interest rates were up around 7.5%. You buy the house for 0,000. The payment (assuming you have a 10% down payment and borrow 2,000) is ,132 each month for principal and interest.

But what if you had bought at 0,000 and put 10% down? Then your payment on the 0,000 loan would have been 2. That’s right, you would be paying 0 more each month if you waited and bought at the lower price. That amounts to ,200 more that you would pay over the thirty years if you stayed in the house that long (,200 more in payments, but you saved ,000 on the down payment). This demonstrates the importance of the interest rate in determining your true cost.

Personal Situation

Is it a good time to buy a house, then? That depends not only on prices and their direction, and not just on interest rates, but on where you are financially. How secure is your income? If you lost your job, could you make the house payments for six months while you looked for another? Can you count on finding another job that will provide enough income to pay for the house? Are you going to be staying in the area long enough to justify buying (renting can often make more sense if you will be moving within a few years)? These are the more difficult questions to answer, but perhaps the most important in determining if it is a good time for YOU to buy a house.

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Home Page > Business > Home Business > The Pre-purchase House Survey: Buying A House: Check List For First Time Home Buyer

The Pre-purchase House Survey: Buying A House: Check List For First Time Home Buyer

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Buying a house is one of the most important decisions will make, and as a buyer you need to check many aspects of a property before making your final decisions, including location, look, and finish.
Once a decision is made many home buyers take a long time negotiating the deal with the seller and then vetting the property’s title documents. Although this is important, what most home buyers forget to do is hire the services of a professional building surveyor.
There is little sense in spending million of rupees buying a house and then discovering that the house needs another investment of few million to make necessary repaid to put the house in order moving in. It is far better to be aware of any potential repairs before the house is purchased, and this is where a professional building surveyor can be of great help. When a surveyor is hire they will evaluate:
1) The Foundation.
2) The drainage system.
3) Floors, stairs, interior walls and ceiling.
4) Windows, doors, ventilation.
5) Electricity wiring.
6) Cooling and Heating system.
Having a pre-purchase building survey carried out by a reliable building surveyor during the buying process can save millions of rupees on matters that can be put right by the seller or builder before the property is sold.
Remember, Buying a house is not an easy task and it is wiser not to make the biggest purchase your most costly mistake, because if we do mistake then we might be suffer through out our stay in the house.

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My name is Julia, and i m a student of MBA Finance. I have a blog about Finance which i used to update frequently. All my knowledge regarding Finance specially corporate Finance and Investing Terms is on my blog.

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Home Page > Finance > Real Estate > Why Should First Time Home Buyers Opt For Nashville Foreclosed Homes

Why Should First Time Home Buyers Opt For Nashville Foreclosed Homes

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If you are a first time home buyer looking for a reasonably priced property in Tennessee, nothing can be as suitable as investing in Nashville foreclosed homes. With its incredibly diverse range of foreclosures for sale which are available at highly reduced asking prices, home buyers can now fulfill their dreams of owning a property in a prime location without overshooting their budget.

 

One of the foremost reasons which make Nashville foreclosed homes an ideal choice for first time buyers is their highly reasonable prices which are nearly half of their market rates. According to the latest news reports, 85% of properties that have been sold over the last two months through Nashville foreclosed homes where picked up by first time home buyers at 30-45% of their real value. Moreover most of the properties that have been foreclosed in this area are located in high end communities and therefore have become extremely popular amongst real estate investors and individual buyers alike.

 

Although the number of foreclosures in Nashville has been much lower than other parts of the U.S, home buyers can choose from a wide range of REO properties which are mainly homes that have been foreclosed by banks. The reason for the low number of foreclosures in the city is due to its robust economy which makes purchasing a property through Nashville foreclosed homes a very viable venture indeed as the region has recorded one of the best appreciating values when it comes to its real estate properties.

 

Another reason why first time home buyers should opt for Nashville foreclosed homes is the availability of a large number of bargain priced estate homes which have been foreclosed by banks and are now being sold at highly reduced rates in the market. Some of the prime residential areas where home buyers are vying for these foreclosures include the neighborhoods of Belle Meade, West End and Green Hills. By investing in one of these posh estates through bargain priced Nashville foreclosed homes, first time home buyers can avail the golden opportunity of  owning a lucrative property which would otherwise be out of their reach in the standard real estate market.

 

Apart from making a highly lucrative property deal through Nashville foreclosed homes, the city offers one of the best environments for raising a family to first time home buyers. The region is home to some of the most beautiful parks like the Centennial Park which houses the Greek Parthenon and the Warner Park which includes race courses and interesting hiking trails. Other recreational spots include the popular Hickory and Percy Priest Lake which is the hub of various water activities like skiing, sailing, boating and fishing.

 

Another unique benefit which makes Nashville foreclosed homes an ideal purchase for first time buyers is the Homeownership Assistance Plan (HAP) launched by the Tennessee Housing Development Agency under which first time home buyers interested in buying a foreclosure in Nashville can avail various tax credit incentives as well as get support for making a down payment for these properties.

 

Being the largest metropolitan area in the state of Tennessee, buying a property through Nashville foreclosed homes for the first time home buyers, makes for a very sound investment option as well as an ideal residential choice for your family.

 

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Melanie Hogeveen is an expert writer in the field of real estate especially foreclosures and has been doing research on Nashville Foreclosed Homes for the past several years. She is renowned for her advices and tips on repossessed homes for sale. For more details please visit ForeclosureDatabank.com

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By:
ricardo lumbardol

Finance>
Real Estatel
Dec 31, 2010

Upper East Side Apartments – Numerous Living Options in this NYC Neighbourhood

The Upper East Side in Manhattan offer a good range of apartments and townhouses to tenants who are searching for rental properties in NYC. Read on to learn more about this neighbourhood and the kind of apartments that you will be able to find in the area.

By:
ricardo lumbardol

Finance>
Real Estatel
Dec 31, 2010

Options through Boston Foreclosure Listings and Why Choose Boston as Your Home City

The Boston Foreclosure Listings advises you to buy your house in one of the prime locations of the city such as near Fenway Park or the Prudential Centre, near the Boston University Campus or the popular Haymarket.

By:
Melanie Hogeveenl

Finance>
Real Estatel
Sep 01, 2010

Why to Look for Sacramento Foreclosure Listings and Why Live in Sacramento

The Sacramento Foreclosure Listings act as an ideal reference help to get your affordable house. Pick a neighborhood near the Two Rivers Park or Regency Park, Community Centre Theatre or the Memorial Auditorium or the Sacramento State University and live happily ever after.

By:
Melanie Hogeveenl

Finance>
Real Estatel
Sep 01, 2010

What are the Benefits of Choosing New York Foreclosure Listings

New York foreclosure listings are a valuable source of information on foreclosed properties in the city of New York. Investing in New York is invaluable as it is a centre of finance as in Wall Street, recreation as in Broadway and Central Park and educational facilities like Columbia university.

By:
Melanie Hogeveenl

Finance>
Real Estatel
Sep 01, 2010

What Are The Key Benefits Of Opting For Orlando Foreclosed Homes

Orlando foreclosed homes are one of the most favored real estate properties in the whole of America. Some of the key benefits which make these properties an ideal real estate purchase include the regions world famous theme parks like the Walt Disney World, its thriving real estate industry, various housing incentives offered by the OHA as well as the availability of affordable housing in some of the best residential destinations in the world.

By:
Melanie Hogeveenl

Finance>
Real Estatel
Sep 01, 2010

Why Should First Time Home Buyers Opt For Nashville Foreclosed Homes

Buying a property through Nashville foreclosed homes is one of the best options for first time home buyers. Some of the most beneficial reasons for purchasing a foreclosure in Nashville include their highly reduced selling prices, wide range of properties comprising of estate homes, the regions appreciating real estate value, great recreational options for residents such as parks and lakes as well as the HAP’s tax incentive and down payment assistance scheme.

By:
Melanie Hogeveenl

Finance>
Real Estatel
Sep 01, 2010

What are the advantages of purchasing through Cape Coral Foreclosed homes and how to find suitable properties

Home buyers can avail various advantages by buying a property through Cape Coral foreclosed homes due to various incentives on offer, the city’s steadily appreciating real estate value and the area being a Water Wonderland. Some of the best sources of finding suitable foreclosures are by subscribing to local listing services, going through public records, searching the classifieds, consulting a realtor and visiting bank websites.

By:
Melanie Hogeveenl

Finance>
Real Estatel
May 15, 2010

What are the unique benefits of Jacksonville foreclosed homes and how to identify a lucrative property deal

Investing in a property through Jacksonville foreclosed homes has various unique benefits due to the city’s prime waterfront location, financial institutions and year round outdoor activities. Pointers on identifying lucrative foreclosure deals are by getting the most updated listings, preparing a list of suitable offers, comparing asking prices, checking property background and assessing neighborhood services.

By:
Melanie Hogeveenl

Finance>
Personal Financel
May 15, 2010

What are the benefits of Charlotte foreclosed homes and how to get a suitable property appraised

Purchasing a property through Charlotte foreclosed homes has a multitude of benefits some of which include low interest housing loans, affordable and vibrant communities, convenient travelling and various city attractions. Some important tips on getting a suitable property successfully appraised include making a house visit, hiring a home inspector, evaluating the neighborhood services, estimating renovation costs and assessing property value.

By:
Melanie Hogeveenl

Finance>
Real Estatel
May 15, 2010

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