Anyone bought a new house recently?

[Silent Shogun]

Im looking at getting a house when i get back in Dec. Has anyone bought one this year? Just wondering how much of a loss you have already taken on it, if any, since the market is so bad. Im probably only going to be in it for 3 years. 4 max in an extreme case. I just hope the market improves over those four years enough that i wont have to take a loss on it. Opinions greatly welcomed.

 

[300Busa]

There has been three of them forsale on my street for about 8 months. Only one of them has sold. The one that sold (next door to me) the people had to move for a job transfer, so they sold pretty cheap. I am not sure how much the economy will turn in 3-4 years. It all depends on who gets elected, and that isn't looking so good.

 

[mrninja9]

we are lookin at houses right now and you know they are holding decently up here...it deends on the area your looking at cause you have to realize the area the neighborhood even the appeal of the house

 

[Luvanicebum]

There are pockets of housing stability in terms of not being foreclosed on, but the over-all picture is grim at best.
There looks to be another 2 quarters of financial write-downs, which will mean very tight lending standards for everybody.
Lenders are looking for 10%(perfect credit), 20%(good credit) down on a new home purchase. Inventories are still increasing because of this.
It's a viscous cycle. Adjustable rate mortgages are adjusting, people are being foreclosed on, inventories rise, prices drop, financials
tighten standards due to write-downs and loses, inventories increase, prices keep dropping.
Couple this with an unusual increase in unemployment and inflation and we have ourselves a completely crap economy.
You would be best served to rent for a couple years, save money on heating fuel while that's out of control as well,
avoid losing another 10% equity and position yourself with a healthy chunk of capital and wait for a bottom in the market when
lenders start easing up on loans. Don't try to be the first in the market by trying to pick the bottom. There's a lot of really educated investors getting killed right now.
Wait till it turns around, then purchase. You will have time to get a good deal.
Home prices will not increase in value like they did before. The lesson has been learned.

 

[Silent Shogun]

There are pockets of housing stability in terms of not being foreclosed on, but the over-all picture is grim at best.
There looks to be another 2 quarters of financial write-downs, which will mean very tight lending standards for everybody.
Lenders are looking for 10%(perfect credit), 20%(good credit) down on a new home purchase.  Inventories are still increasing because of this.
It's a viscous cycle.  Adjustable rate mortgages are adjusting, people are being foreclosed on, inventories rise, prices drop, financials
tighten standards due to write-downs and loses, inventories increase, prices keep dropping.  
Couple this with an unusual increase in unemployment and inflation and we have ourselves a completely crap economy.
You would be best served to rent for a couple years, save money on heating fuel while that's out of control as well,
avoid losing another 10% equity and position yourself with a healthy chunk of capital  and wait for a bottom in the market when
lenders start easing up on loans.   Don't try to be the first in the market by trying to pick the bottom.  There's a lot of really educated investors getting killed right now.
Wait till it turns around, then purchase. You will have time to get a good deal.
Home prices will not increase in value like they did before.  The lesson has been learned.

Ill have to chew it over some more...ill be able to put 20 percent down and still have about the same amount in my savings. Im not looking at anything crazy...anybody from ohio familiar with the Mt. Washington area? Thats where im looking at. Im looking at a few around 70-80k. This is just going to be a starter house while im going back to school. Thanks for the points. It gave me some more to consider.

 

[Jyn]

I am not in the market to buy a house however, I have been keeping an eye out. I looked at a 5 bedroom, 2 bath, basement,2 car garage, completely fenced in yard front and back, and 2 sheds. In my opinion the house was really cute and if I was ready to buy, I would of jumped on it. I did call about it and there was a contract on it already....anyway... It was $85,000. Did I mention it is located in an awesome school district!!!

 

[chrisr]

I am finally moving sunday. Its been a struggle,we had some issues with the person who bought are house-his bank messed up his loan. We sold our house in 5 weeks. Took a slight loss on it,but made up big time on the new one. There are plenty of houses out there, and the interest rates aren't to bad yet. We set up our loan a month and a half ago and got an excellant rate. The same houses that we were looking at are still up for sale, so its a good time to wheel and deal.

 

[Jyn]

I also looked at another house that was amazing! 3 garages w/ its own bathroom,(semi would love it!

) 3 bathrooms in the house, 5 bedrooms, full finished basement, awesome yard, sauna room,and a gorgous porch. That one was $250,000.

 

[firebug]

I also looked at another house that was amazing! 3 garages w/ its own bathroom,(semi would love it!

) 3 bathrooms in the house, 5 bedrooms, full finished basement, awesome yard, sauna room,and a gorgous porch. That one was $250,000.

$250K currently gets you a 3 bedroom 2 bathroom starter home here in Madison. It seems like the market is just fine here. I have been waiting for a deal and most homes are selling for listing price or above it.

 

[Fate]

Great time to buy, not to sell.

 

[Wag]

Houses are easy to find. Loans are a bit tougher to locate these days. But it's doable.

If you get the idea that foreclosures may be the way to go, you can find some good deals but be careful. Some of them are pretty messed up.

--Wag--

 

[shawnski]

i closed in my house dec 31 2007 so i can take advantage of homestead tax. the president of real state bought the house when it was forclosed and spend 18000 dollars paint in and out 100%, brand new floor tiles, carpet and wood floor, sink, ceiling fans wood blinds etc....etc.. basically the house was like brand new house except the foundation. i bought it from him and got a good deal. this way i don't have to spend any money fixing or replacing things.
forclouser probably your best way but you got to keep looking and don't rush into it.
the mortgage approval is getting alot tougher these days and is because so many forclosers.

 

[drfbusa]

Im buying as we speak/type. Im looking at the long haul. If youre only looking to hold for 3-4 years, I would not recommend buying (keep in mind, Im ingorant of your situation and local realestate market). I would also say that trying to time the market is tough. by the time youve timed it, youve missed it. Youll end up speaking in the past tense as many investors seem to do. "I should have bought XX months/years ago."

The current housing market across most the country is down from hits highs a few years ago. In my opinion (I said opinion so no

) in a down market, everything is on sale. I plan on holding for 10+ years. Living in it first, setting it up for the rental market, then moving on to my next property.

Its a buyers market out there. Sellers are looking to pay closing costs and assist in the down payment. In some markets, sellers are throwing in GERMAN Cars to sweeten the deal. Google "house for sale Mercedes." One FL seller is offering marriage... Even this Yahoo News article was too absurd for me to click and read.

My views are from a long term investing stand point. The short termers will chime in.

If the price of 190 sized Dunlop Qualifiers droped 35% tomorrow, wouldnt you stock up?

 

[Revolution]

buyers market. buy and sit tight.

 

[Charlesbusa]

Definately the time to buy, not the time to sell.


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