Buying a home won't get much cheaper

[-p.tiddy-]

http://money.cnn.com/2012/05/03/real....htm?hpt=hp_t3

good read on CNN today


and in related news:

Jobless claims improve
http://money.cnn.com/2012/05/03/news....htm?hpt=hp_t1



I'm thinking about buying a second home and renting out my condo...time seems to be perfect

[rawimpact]

Go for it, i locked in a loan with a very low fixed interest rate a few years back. I rented out some rooms to students and pay a few hundred a month for ownership. It took a while for me because although i had good credit, i didn't really have any credit history outside credit card usage and car loan.

[SwaglessManatee]

The time to buy was a few years ago when the government was doing that program where they gave you 8k if you were a new home buyer.

[rawimpact]

The time to buy was a few years ago when the government was doing that program where they gave you 8k if you were a new home buyer.

Yes, that's what i got in on. It basically covered closing cost and a few fixes... it was 8k for new first time homebuyers and 4k for second home buyers.

[DeuceWallaces]

Gonna be a few years yet for us. Sucks because the past few years have been the time.

[embersyc]

As far as I can tell housing prices have been on the rise around here for the past year or so. I bought mine six months ago when I noticed the upward trend.

[rufuspaul]

Stuart Hoffman, chief economist for PNC Financial Services (PNC, Fortune 500), said he expects home prices to flatten out by the third quarter and start climbing by next year.

I sure hope that's the case.

[Niytrus]

The time to buy was a few years ago when the government was doing that program where they gave you 8k if you were a new home buyer.

I disagree. I bought at the end last year without the program and saved about $22k by just waiting it out alone. The price drop between that time and and now is huge. My fixed interest rate is on the lower side of 3%.

[rawimpact]

As far as I can tell housing prices have been on the rise around here for the past year or so. I bought mine six months ago when I noticed the upward trend.

Yes, but no offense, Detroit's economy isn't quite representative of the US. I'm actually surprised it's improving there considering unemployment there is ~17%. Where i live, the economy has been improving the last two years already and unemployment is only 8% which is fantastic.

[Niytrus]

Yes, but no offense, Detroit's economy isn't quite representative of the US. I'm actually surprised it's improving there considering unemployment there is ~17%. Where i live, the economy has been improving the last two years already and unemployment is only 8% which is fantastic.

Detroit is definitely its own market; I think some areas of FL & NV fit into that category as well

[embersyc]

Well to be fair I don't actually live in Detroit, but in West Bloomfield which is one of the better neighborhoods in the state.

[DeuceWallaces]

Lol you guys need to understand that NW Detroit subs are super filthy rich in many cases. All the white people left the city in the 60's.

[hoopaddict08]

Looking to buy my first home in Michigan and houses are going quickly. There are a lot of foreclosures and they usually have multiple offers the first week on the market. Its frustrating because there have been some nice houses.

[Thorpesaurous]

Go for it, i locked in a loan with a very low fixed interest rate a few years back. I rented out some rooms to students and pay a few hundred a month for ownership. It took a while for me because although i had good credit, i didn't really have any credit history outside credit card usage and car loan.

I'm in the same boat. I have good credit but it's thin. Mostly my student loan. Outside of that if I wanted something I saved up and bought it, which somehow makes me irresponsible in the eyes of the banking industries that leveraged itself to the point of collapse, but whatever.

I'm still looking, but it appears that inventory is finally beginning to move, so it's getting a little harder to find something I want. I had two places I really liked last year. One I hemmed and hawed over till it was gone, the other I lost on going to low. Both my fault, but it appears I've gotta start getting more agressive this year if I want to close on something before the new year.

[FatComputerNerd]

Bought my first home last summer.

Now (and the past few years) is definitely the time to buy if you're able.