It depends on where you think the market is going.
Personally, I don't think it's hit the bottom. It now sounds like Israel is going to attack Iran-it's just a matter of when. That would probably send oil to $200+ a barrel, and that will cripple the US economy unlike we've never seen before.
Not to be a doom & gloomer, but we're about to see the shit really hit the fan.
Personally, I don't think it's hit the bottom. It now sounds like Israel is going to attack Iran-it's just a matter of when. That would probably send oil to $200+ a barrel, and that will cripple the US economy unlike we've never seen before.
Not to be a doom & gloomer, but we're about to see the shit really hit the fan.
nice post count roof.
i dabble in real estate and right now i don't wanna do anything but rent... one reason i don't wanna be stuck in one place and i see people coming into our market from another market where they had to bring 25K to the table because of being upside down on a home they had to sell cos of a job move or whatever.
i dabble in real estate and right now i don't wanna do anything but rent... one reason i don't wanna be stuck in one place and i see people coming into our market from another market where they had to bring 25K to the table because of being upside down on a home they had to sell cos of a job move or whatever.
The current market aside, it is better to buy then rent. When buying, you are able to itemized deductions, including the interest and property taxes on your income taxes while you're slowly paying down principal on the loan. This lowers your Federal and State income taxes well below the standard deduction and hopefully you build equity over time. Renting provides you no tax breaks and you have no opportunity for growth of money. A house is the largest investment most Americans, that can afford it, make in their lives.
Ask yourself a few questions:
1) Do you need a place to live?
2) Can you afford a place to live?
3) Will you be staying in a place for a few years?
4) Do you have a job? (Sorry 5-star you're excluded)
If you answered "yes" to all 4 (#3 should be the only ?) then why do you want to pay someone else for a house? Why not purchase a home at an affordable rate and make some money? Are you guys allergic to money?
1) Do you need a place to live?
2) Can you afford a place to live?
3) Will you be staying in a place for a few years?
4) Do you have a job? (Sorry 5-star you're excluded)
If you answered "yes" to all 4 (#3 should be the only ?) then why do you want to pay someone else for a house? Why not purchase a home at an affordable rate and make some money? Are you guys allergic to money?
Although, I am normally a big supporter of home ownership, this is not a good time. Yes the market is down, but real estate trends are long term and this bust could easily last another 5-6 years.
Even though the formally hottest markets....Southern California, the greater Las Vegas area, Phoenix, and Florida have corrected a good deal, they are still twice as high as in the year 2000. The Midwest, Texas, and the Northeast are reasonably stable.
Romanowski's advice on buying if you plan to stay for 3+ years is sound.
Real estate has been in a huge bubble and bubbles always end badly {Think Aces Gold}. You are absolutely not going to get hurt if your rent for the next year or two. Shop, save, keep your powder dry and find yourself a great house dirt cheap when there is blood in the streets. Just remember you have plenty of time.
Even though the formally hottest markets....Southern California, the greater Las Vegas area, Phoenix, and Florida have corrected a good deal, they are still twice as high as in the year 2000. The Midwest, Texas, and the Northeast are reasonably stable.
Romanowski's advice on buying if you plan to stay for 3+ years is sound.
Real estate has been in a huge bubble and bubbles always end badly {Think Aces Gold}. You are absolutely not going to get hurt if your rent for the next year or two. Shop, save, keep your powder dry and find yourself a great house dirt cheap when there is blood in the streets. Just remember you have plenty of time.
