good time to buy real estate?

[UpSideDownDesi]

Lots of people are saying rite now that this is the time to purchase real estate or invest in it and at the same time there are people saying to stay away from it? I know real estate market has been going through big ups and down, but you think it's gonna get better with new year or gonna get worst? Worth buying investment properties?

[Sammich]

truthfully i think its gona go down for a little while longer. gas prices going up, food prices going up, etc....it's not making things easier to SELL...but in the new housing market, there will continue to be HUGE incentives to get people to purchase a new home. i personally think if you wait a little while longer, you can find a larger or same home that you are looking at for a cheaper price.

[MistaCee]

Its hard to get a loan though

[UpSideDownDesi]

truthfully i think its gona go down for a little while longer. gas prices going up, food prices going up, etc....it's not making things easier to SELL...but in the new housing market, there will continue to be HUGE incentives to get people to purchase a new home. i personally think if you wait a little while longer, you can find a larger or same home that you are looking at for a cheaper price.
the houses i am looking at are mostly investment...foreclosures.... to flip or to lease out...so they are already cheap. I know it's gonna be hard to flip unless i take a loss on profit and mark it down good bit below market value.


Its hard to get a loan though
I am already qualified for loan. Now mostly lenders require 5-10% down because that's what happened before...people didn't have money got the house with 0 down then year or so down the line......foreclosure. Reason such a boom in foreclosure rate and lenders are being cautious now.

[SL65AMG]

the houses i am looking at are mostly investment...foreclosures.... to flip or to lease out...so they are already cheap. I know it's gonna be hard to flip unless i take a loss on profit and mark it down good bit below market value.


I am already qualified for loan. Now mostly lenders require 5-10% down because that's what happened before...people didn't have money got the house with 0 down then year or so down the line......foreclosure. Reason such a boom in foreclosure rate and lenders are being cautious now.



for one. DO NOT RENT!!! i worked for a company that bought investment homes and flipped them/ rented some out.

at one point they had 94 homes. when they went bankrupt, all of the houses had been foreclosed on and they were 350k in credit card debt. they lost their asses big time.

it was partially due to poor management skills, and inexperience, not lack of brains. these people were smart and knew their ****, just not business.

another thing, if YOU cannot pay for the mortgage, your current expenses, and everything else you need to pay for, as well as the downpayment, DO NOT do it.

you need to be able to carry the cost of the mortgage for AT LEAST 2 years, the cost of repairs/upgrades, and the cost of the down payment.


and this should go without saying..... DO NOT GET AN A.R.M. .... you will **** yourself.


if you can afford to pay for everything, go for it.

[Sammich]

i thought ARM was good for short term purchase...say for instance if you were going to move in 5years or something of that sort..i know they adjust...but sometimes you can get great interest rates w/ ARM and if you dont plan to be there for long, then it should be good for you. but i think when i purchase i plan on being there for a while therefore i'm getting a fixed

[fire7882]

ARMs suck period. The only way you can remotly justify getting one is if you buy a fix-er-upper and plan on selling it or refinancing in 3-6 months. People who got adjustable rates just 1-2 years ago are already screwed.

[SL65AMG]

ARMs suck period. The only way you can remotly justify getting one is if you buy a fix-er-upper and plan on selling it or refinancing in 3-6 months. People who got adjustable rates just 1-2 years ago are already screwed.

exactly. hence all the foreclosures

[UpSideDownDesi]

ha no way i am doing a fixable rate...that's asking for trouble and reason there have been so many foreclosures. I already have 2 rental properties and don't trust any management companies....so not gonna hire any. Been doing good so far with other properties...i guess since they were bought earlier in the year, but after august...real estate really took a hit. I have been partial toward a new purchases since. Current property does not need any repairs...i was surprised to see the condition it was in coz people usually screw them good before leaving. Avg time it takes to sell a house in that sub is from 36-70 days from the records. Swim and Tennis subdivision, also in a good area.

[ueyedgr8tness]

I am looking into buying a house right now me and my bro,there or some good deals out there for sure.

[UpSideDownDesi]

I am looking into buying a house right now me and my bro,there or some good deals out there for sure.
where u looking to buy? wanna rent mine :D or buy i give you a good deal on 3bd/2.5bt, full basment, deck, nice yard, 2002 home... 2 car brick floored garage...in dacula. :D

[Allstar3.8T]

If looking to buy as investment, it one of the best times historically. As a licensed agent I'll tell you the facts, its all in the buyers favor. With a 4 yr supply of homes on hand vs 6 months as typical in Atl, its VERY hard to sell a home in the $150-300K range. Thats where the foreclosures are concentrated. If I could buy another now, I sure would, and done be afraid to low ball, it all about you having the power.
Good luck,
Greg