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Is this a "good" time to buy our 1st home????

I have heard realtors say it's great, but then some homeowners say wait. Of course the prices have went down a bit, but is it truley to our advantage? Or against it? If you honestly know any of this, please any advice is appreciated!

Please give me some advice. Rent just keeps skyrocketing and I'd rather be paying for something that is ours so we can truely start our life in OUR home.

*No where is this post did I ask for rude comments, so go on if you feel the need!*

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MarlasMommy

Asked by MarlasMommy at 12:40 PM on Jan. 25, 2009 in Politics & Current Events

Level 1 (0 Credits)
Answers (10)
  • If you can get a good deal on a mortgage, then yes. Rates are low right now and so are prices, so if you have a good size down payment and can get a fixed rate mortgage then go for it!

    If adjustable is all that you can get, read THE ENTIRE PACKAGE before taking it. They should give you a chart showing how much your payment will be depending on the rate.

    Also, remember to add up all the bills that you will have to pay plus maintenance and make sure you can afford it. Property taxes alone around here are at least 1200- which is another $100 a month on what you pay. Some landlords pay water sewer and garbage as well, which can be another $100.
    lovinangels

    Answer by lovinangels at 12:45 PM on Jan. 25, 2009

  • If you have excellent credit and a at least 20% down payment then yes this is a good time to buy.
    bearandtreemom

    Answer by bearandtreemom at 12:47 PM on Jan. 25, 2009

  • The housing bubble hasn't fully "burst" YET, so if you can wait a little longer, then you'll have the advantage of buying low! The lower the better! AND, if you have AT LEAST a 20% down payment, a stable job, some "rainy day" savings, and can secure a FIXED interest loan--and actually afford the monthly payments (no more than 25% of your income is a good rule of thumb), then GO FOR IT!!!
    LoriKeet

    Answer by LoriKeet at 12:48 PM on Jan. 25, 2009

  • I wouldnt buy yet.
    gemgem

    Answer by gemgem at 12:50 PM on Jan. 25, 2009

  • LoriKeet is right!
    erlsk

    Answer by erlsk at 12:50 PM on Jan. 25, 2009

  • yes you can really get a good buy on a nice home just make sure you get a good interest rate and make sure you get a fixed rate mortage.the reason a lot of people lost their homes was because they didnt get a fixed rate and their payment kept going up.with so many houses for sale you should be able to get a good interest rate and good luck.
    georgia362

    Answer by georgia362 at 1:03 PM on Jan. 25, 2009

  • You should have 5-20% to put down. Get pre-approved for a fixed rate mortgage before you go looking. Then you know your price range. Are you planning on staying in the home for several years? Is your family's income stable?

    www.hud.gov for more info on mortgages and housing options and calculators
    motherofhope98

    Answer by motherofhope98 at 1:08 PM on Jan. 25, 2009

  • Are you 'Pre-Approved' for a Home Loan........ You'd have to start there.... Then if you can find one you like thats in that Range... thats up to you........... But There's Expensive home owner's Insurance Monthly and Expensive Taxes that are due in full in January of each year... so You'll be paying 100's more for all of that.......... I guess if you get it all tacked into the loan its not too bad.. but your payment will be 100's more. People always bitch about rent, but you have to figure in what I've said.......... Also, Unless you can buy a Brand new home..... God know's what you'll run into in Repairs etc .......... These forcelosed homes have been left abandoned... (problems)
    Kay300

    Answer by Kay300 at 2:12 PM on Jan. 25, 2009

  • I've heard from real estate agents that its a good time to BUY, but its a horrible time to sell.
    .Peaches.

    Answer by .Peaches. at 5:43 PM on Jan. 25, 2009

  • http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
    Start here, if you are qualified per these guidelines and the county you want to by in are approved, then you can do 100% financing. You will have to go to a lender that is USDA approved. It is a good time to buy depending on the market in your area. You will find more home owners are willing to take their price down as well as offer concessions on the loan..(ie: paying more for closing costs etc.) msg me if you have any other questions.
    mamakirs

    Answer by mamakirs at 11:41 AM on Jan. 26, 2009

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