Is now a good time to buy a new house?
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$3 Answers
This depends entirely on your area.
In many markets throughout North America, pro's believe that we haven't seen the bottom of either the "financial crisis" or house prices.
Sources:
http://realestate.msn.com/article.aspx?cp-documentid=13107811
http://news.google.ca/news?q=real+estate+market+bottom&oe=utf-8&rls=org.mozilla:en-US:official&client=firefox-a&um=1&ie=UTF-8&hl=en&ei=TP-eSbznBISv-Qa8o7m2Dg&sa=X&oi=news_group&resnum=4&ct=title
http://www.cnbc.com/id/29028031
2)
This also depends on what type of home you're looking for. Large estates and expensive houses in lower value areas are currently seeing the largest price reductions and as a result, could be the best buy when compared to their real value.
3)
I suggest that you maintain a list of houses that you might be interested in purchasing in your area. Review the prices weekly and monitor decreases. When prices start to fluctuate almost without reason (either up or down), you'll know for sure that we're at the bottom. Most Realtors are a little slow right now and likely won't mind doing this for you.
4)
As always, knowing what you want and what you're willing to pay for it is key. If you form a list of features, location, etc and know exactly what you would like to pay for it, a Real Estate Agent (or a bit of leg work) will be able to find it for you.
Most folks who are selling right now NEED to sell. Divorce, employment, credit, etc are all very motivating reasons. If you know what you'll pay for the new home you want, you can often negotiate a deal in this "buyers market" without a lot of trouble.
I've mentioned visiting a Real Estate Agent / Broker a few times here. I mention this because they often know exactly where the deals are. They've heard the sob stories, know where the foreclosures are and generally need to sell houses right now. If you're looking to buy without selling (you're renting or whatever)... buying a house from a Real Estate pro shouldn't doesn't cost you a penny.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
Be careful of the area you're buying into - you may have the best intentions of staying in the world, but if it's an area with lots of foreclosures and vacancies, you might be looking at continued devaluation in the home's value and increasing crime.
If you're going to have to move (or aren't sure if you will have to do so to accommodate jobs, family, whatever), or for any reason think you'll want to get out from under the home within the next 3 years, I'd advise against it.
Real estate broker's license
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
1. Rates are low.
2. Prices are universally down.
Look into foreclosures. They are not all diamonds, but the bank will likely be at the value of the house than someone trying to sell because they are underwater. This situation is going to be around for a while, so take your time and do your research.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
