Posted on 09/18/2009 4:18:26 PM PDT by SeekAndFind
what about waiting until the 2nd half of the “W”
One thing that would push me to buy would be concern for increasing interest rates if inflation hits.
There's an old saying. When should you buy? When you can.
Traditionally the best season for home sale bargains is during the holidays, and prices jump in the spring. However if the air keeps letting out of the economy, all bets are off.
One BIG reason to hold off buying a home: LAYOFFS ARE CONTINUING!!!
6. You will save us:
Cause when the market turns down and you get stuck with the now worthless property, we get to yell ‘SUCKER’.
I think I’ll just pay off my farm and stay right here.
My bunker is already built and stocked and my machine gun turret in the third floor attic just needs a few finishing touches...a little more insulation, some of the windows painted black, etc. ;)
(Think I’m kidding? I am. Sort of...)
I’m looking to buy again here in LA. Great prices!
HOw can rates be historically low?
I was seeing 4.25 fixed about six years ago. They were historically in the two percent range in the fifties an sixties.
These reporters consider history to be last week.!!
It’s an excellent time to rent too.
Another one is that the commercial meltdown with put more houses on the market.
I mostly disagree, and that’s coming from someone who’s about to close on a new home.
Yes, interest rates are likely to go up in anticipation of inflation.
But the downward pressure on prices will be increasing in the coming years, in my opinion: a huge “shadow inventory” of underwater homes, not yet foreclosed but doomed to that result, will hit the market in 2010-12 as “teaser rates” continue to reset upward.
With all of that add SUPPLY hitting the market, and with DEMAND unlikely to increase overall due to the job situation, I fail to see how PRICE isn’t going to keep falling for a few more years. Will there be updrafts, “suckers rallies”? Sure. But if my life situation were different, I’d wait.
Have fun. We’re starting a couple of short sales for clients in O-side and Murrieta. I loathe the slow bank responses. But it’s business and both are neighbors.
I will agree with you about the additional inventory. Why would the banks release them any faster than they are now?
We did 4.37% loans in June. Now doing 5.35 after going to 5.5% after a short dip earlier this month. I hear ads under 5.5, but no detail on points or fees. I think a year from now, we’ll see 6.8-7.0%, with prices similar to now.
The question is:
How long will it be before it’s a good time
to sell the one I already have?
“Most” people can’t afford to own two houses.
I’d have to unload the one I have first, and
there really are very few buyers standing in line.
Dumbest article in weeks. All over the press this week are the alarming warnings about the ARM’s ready to explode as they reset, triggering a wave of foreclosures that will dwarf the first wave. This process will play out over the next two years. But now is a good time to buy. Yeah, right.
Not to mention the coming Cap and Tax vote in the Senate : o If that sick puppy passes, folks will have a heck of a time unloading any home that is more than 5-10 years old : /
Tatt
I've read that parts of CA,NV and FL...all having seen huge jumps in prices in the early and mid part of this decade...have seen huge drops in the last year or two.I've specifically read that Florida's crash is still in progress.Don't know if that applied to CA as well.
YIKES!! In short... FHA is gonna need a multi-billion dollar bailout from the Congress... or if they go belly up... the housing market is kaput...
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