I do not want to miss out on buying a home before prices rise. But prices have not dropped enough for me to be able to afford my dream home and I am not ready to settle – yet. This makes me antsy when it comes to home sales. Will I be able to buy before prices rise?
A recent blog post from Bankaholic has convinced me that 2011 will bring many buying opportunities. Check out this post and let me know what you think. Are we in for a tidalwave of foreclosures and REO’s?
February 18th, 2009 at 2:40 pm
I don’t think we have seen the bottom yet. Everything seems to point to 2009 being a bad year with high unemployment and foreclosures. If I were buying, I would wait.
February 18th, 2009 at 3:17 pm
There probably isn’t a “yes” or “no” answer here.
If you don’t have a home to sell, if you have 20% or more to put down, if you can afford a home you absolutely love (that happens to be for sale and fairly priced), now might be the perfect time. However, that is a whole lot of “ifs.”
February 18th, 2009 at 3:31 pm
This chart indicates the worst is going to hit in 2011!!! In the words of my late grandmother, egads!
February 18th, 2009 at 3:35 pm
Kim, there’s a few more “ifs” to think about. “If” Hubby does not get laid off, if we can get a loan (now that I’m self-employed), if we want to tie ourselves to LA…but I really love the feeling of home ownership! And I’m a fixer upper.
February 19th, 2009 at 6:37 am
The key is to find a house that needs work and is in a desperate situation that most other people would not touch. You would have to prearrange your mortage situation with your broker ahead of time and taking some classes in home repair given by some large chain building supply places will help. Also building up a list of reputable contractors that can handle the work that you can’t. Opportunities exist in all markets and times, you just have to be brave enough to do what everybody else will not do because guess what – everyone else is doing nothing! (or the ones that are are mum about it). There is no reward without risk – control your risk and step forward. You were willing to do it with your job – use the same set of procedures for purchasing a house. Best of luck.