Should I buy a home during a poor economy?

I know in todays economy but house prices are falling!

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Anonymous

Asked by Anonymous at 6:41 PM on Jan. 3, 2009 in Home & Garden

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Answers (14)
  • i do :) as long as you can get a loan with a good fixed interest rate!!
    krazyash023

    Answer by krazyash023 at 6:42 PM on Jan. 3, 2009

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  • A good question for conversation. The true answer is whether we are heading into bleaker times. A website that I found suggests to lose your mortgage, Political Gateway.
    If not all our heads are spinning, mine certainly is.
    BlueSaphire

    Answer by BlueSaphire at 6:45 PM on Jan. 3, 2009

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  • If you are ready to assume the mortgage, and are job secure why not. Most places have falling prices and the lowest rates for years. My friend bought a really nice 250,000 house for like half of that since prices have been low. So I wouldn't put my life on hold for economy. Anything could happen at any moment. Hasn't stopped everyone else.
    lovinmomto3

    Answer by lovinmomto3 at 6:46 PM on Jan. 3, 2009

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  • Possibly the best time ever if you have a dependable income and 6 months of bill money saved up. I so wish I could buy a house right now. Prices are dropping on every house I see!
    MamaChamp

    Answer by MamaChamp at 6:46 PM on Jan. 3, 2009

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  • I just bought a house and fortunately was able to do an FHA loan so my down payment was 3%. That made a huge difference for us. The unstable economy has been a stress factor, but fortunately, my hubby and I have good jobs, so we did it. I agree with lovinmomto3...I didn't put my life on hold because of the economy. It's a great investment!
    TheEmpress78

    Answer by TheEmpress78 at 6:55 PM on Jan. 3, 2009

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  • We are losing a house we paid $400,000 for because I lost my job. The bank will be lucky to get $200,000 for it now. Our loss is someone else's gain right now.
    Pnukey

    Answer by Pnukey at 7:02 PM on Jan. 3, 2009

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  • It's only good if you don't have to SELL a current house. If you are a first-time buyer who doesn't have to unload an existing home, I'd say it's a good time for you. There are houses on my street which have been on the market for a long time (one is going on 2 years) and have not sold. One in particular has decreased their asking price by 80%! But, no one is buying it.
    TeensMom07

    Answer by TeensMom07 at 7:06 PM on Jan. 3, 2009

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  • Hell, if you can afford to buy right now and have a stable job with some $$ saved up, then go for it! You can get some hellava deals right now!
    Anonymous

    Answer by Anonymous at 7:25 PM on Jan. 3, 2009

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  • I think it's a great idea...don't buy over your means. If a lender says you can financially afford a 400,000.00 house that doesn't necessarily mean you can. They don't have your budget or all of your bills. You need to factor all of that in with your tax and homeowners insurance. So many people are in foreclosure for this reason. Also make sure you get a fixed rate loan! I only wish we could afford to buy right now!!!
    britni11

    Answer by britni11 at 7:42 PM on Jan. 3, 2009

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  • I just bought a beautiful home, very spacious ,12 bedrooms, 8.5 bathrooms, its truly amazing and £250.000 was knocked of it.

    Mummytomore

    Answer by Mummytomore at 7:49 PM on Jan. 3, 2009

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