is this year the best time to buy a house?

doggie750
doggie750 Posts: 1,160
edited January 2011 in The Clubhouse
any real estate expert here? 2 cents please. Thank you!
Godspeed,
D0661E

AVR:Pioneer Elite SC-07
Surrounds: RTis
2channel:Rti100 (carver driven
Sub:SVS PB12-Plus/2
Dedicated AMPs:Adcom GFA535, 2xCarver 1.5t, Carver m1.0t
Wsrn:Hitachi ultra vision LCD60, 32XBR400
PowerConditioner: MonsterC HTS5100
PS3, Toshiba HD A2, etc: SonySACD/ Panasonic gears DIVX.

MR3LIGION: Polkaudio; GSXR; E46; Reeftank;
Odyclub; Xsimulator; Sony; Zune; Canon
Post edited by doggie750 on
· Share on FacebookShare on Twitter

Comments

  • tonyb
    tonyb Posts: 32,957
    edited January 2011
    Great time to buy, terrible time to sell. Better do it soon, just saw a story about mortgage lenders wanting to require a 30% down payment in the near future.
    HT SYSTEM-
    Sony 850c 4k
    Pioneer elite vhx 21
    Sony 4k BRP
    SVS SB-2000
    Polk Sig. 20's
    Polk FX500 surrounds

    Cables-
    Acoustic zen Satori speaker cables
    Acoustic zen Matrix 2 IC's
    Wireworld eclipse 7 ic's
    Audio metallurgy ga-o digital cable

    Kitchen

    Sonos zp90
    Grant Fidelity tube dac
    B&k 1420
    lsi 9's
    · Share on FacebookShare on Twitter
  • txcoastal1
    txcoastal1 Posts: 13,268
    edited January 2011
    Not a housing expert but I took advantage of the $8000 tax credit, bought a foreclosure, and 4.9% interest...sounds good to me
    2-channel: Modwright KWI-200 Integrated, Dynaudio C1-II Signatures
    Desktop rig: LSi7, Polk 110sub, Dayens Ampino amp, W4S DAC/pre, Sonos, JRiver
    Gear on standby: Melody 101 tube pre, Unison Research Simply Italy Integrated
    Gone to new homes: (Matt Polk's)Threshold Stasis SA12e monoblocks, Pass XA30.5 amp, Usher MD2 speakers, Dynaudio C4 platinum speakers, Modwright LS100 (voltz), Simaudio 780D DAC

    erat interfectorem cesar et **** dictatorem dicere a
    · Share on FacebookShare on Twitter
  • tonyb
    tonyb Posts: 32,957
    edited January 2011
    Plus consider that interest rates have been low for so long now, the only place for them to go is up, which will decrease your buying power.
    HT SYSTEM-
    Sony 850c 4k
    Pioneer elite vhx 21
    Sony 4k BRP
    SVS SB-2000
    Polk Sig. 20's
    Polk FX500 surrounds

    Cables-
    Acoustic zen Satori speaker cables
    Acoustic zen Matrix 2 IC's
    Wireworld eclipse 7 ic's
    Audio metallurgy ga-o digital cable

    Kitchen

    Sonos zp90
    Grant Fidelity tube dac
    B&k 1420
    lsi 9's
    · Share on FacebookShare on Twitter
  • cnh
    cnh Posts: 13,284
    edited January 2011
    This is a question that my wife and are are asking ourselves as we look another 10-15 years ahead and possible retirement. My understanding is that interest rates WILL rise fairly soon. And it seems unlikely that fixed rates will be as low as they currently are for a while. I'm not a real estate person. But I know two things.

    1. I can't sell my parents house in this market at a fair price.
    2. I can buy it for a really LOW price (but I own it already). So that means I can buy some other poor soul's house for that same LOW price in warmer environs!

    So, if you have the money. I'd say this IS the moment.

    cnh
    Currently orbiting Bowie's Blackstar.!

    Polk Lsi-7s, Def Tech 8" sub, HK 3490, HK HD 990 (CDP/DAC), AKG Q701s
    [sig. changed on a monthly basis as I rotate in and out of my stash]
    · Share on FacebookShare on Twitter
  • PSOVLSK
    PSOVLSK Posts: 5,197
    edited January 2011
    I hope so because I just bought one:tongue:
    Things work out best for those who make the best of the way things work out.-John Wooden
    · Share on FacebookShare on Twitter
  • blueboxer
    blueboxer Posts: 621
    edited January 2011
    If you have 20% to put down and plan on staying in the home for at least 5-10 years then it is a great time to buy. If you plan on doing a FHA loan than timing the loan to close during a month with the least amount of pre-paid insurance, taxes, etc... is also a nice benefit to look for. I always drove around the neighborhood I was looking at during different times of the day and night to see what the neighborhood is REALLY like, avoid unpleasant surprises like a ton of traffic, cars clogging up the streets, loud neighbors, etc...
    · Share on FacebookShare on Twitter
  • PSOVLSK
    PSOVLSK Posts: 5,197
    edited January 2011
    tonyb wrote: »
    Plus consider that interest rates have been low for so long now, the only place for them to go is up, which will decrease your buying power.

    Very true. We locked our rate yesterday for fear of rates going up.
    Things work out best for those who make the best of the way things work out.-John Wooden
    · Share on FacebookShare on Twitter
  • exalted512
    exalted512 Posts: 10,735
    edited January 2011
    Its not going to get any better. We bought in October of 09. $8000 tax credit and 5% interest. Interest rate is a little lower but no more tax credit ...which helped us with the downpayment.

    I haven't heard anything about 30% down, but I'm also in a ln extremely stable housing environment.

    Our house depreciated half a percent last year. But its up almost 6% since 08 and almost 13% since 07.
    -Cody
    Music is like candy, you have to get rid of the rappers to enjoy it
    · Share on FacebookShare on Twitter
  • tonyb
    tonyb Posts: 32,957
    edited January 2011
    You guys in Texas didn't get hit as bad as some other area's around the country. Cali, Nevada,Arizona,Florida, took it on the chin pretty hard. I myself lost about 20% of my homes value. But,hey, we all knew the housing market was overpriced anyway.
    HT SYSTEM-
    Sony 850c 4k
    Pioneer elite vhx 21
    Sony 4k BRP
    SVS SB-2000
    Polk Sig. 20's
    Polk FX500 surrounds

    Cables-
    Acoustic zen Satori speaker cables
    Acoustic zen Matrix 2 IC's
    Wireworld eclipse 7 ic's
    Audio metallurgy ga-o digital cable

    Kitchen

    Sonos zp90
    Grant Fidelity tube dac
    B&k 1420
    lsi 9's
    · Share on FacebookShare on Twitter
  • PSOVLSK
    PSOVLSK Posts: 5,197
    edited January 2011
    DSkip wrote: »
    Just out of curiosity, where did you end up purchasing? We have focused all our attention West of Frisco.

    Far North Carrollton/Lewisville.

    There will be a nice house for sale in The Colony in about a month:tongue:

    In all honesty The Colony is very convenient if you get in the southern part of town close to 121. Less than 10 minutes to both Lewisville and Frisco. About 30 minutes to downtown Dallas.

    Sorry for the derail doggie.
    Things work out best for those who make the best of the way things work out.-John Wooden
    · Share on FacebookShare on Twitter
  • gdb
    gdb Posts: 6,012
    edited January 2011
    Especially if you like Florida or Las Vegas real estate, lots o deals to be had in those places.
    · Share on FacebookShare on Twitter
  • Demiurge
    Demiurge Posts: 10,874
    edited January 2011
    If you have to ask an audio forum for advice on one of the biggest purchases you're likely to ever make in your life, its not time for you.
    · Share on FacebookShare on Twitter
  • muncybob
    muncybob Posts: 3,039
    edited January 2011
    Demiurge wrote: »
    If you have to ask an audio forum for advice on one of the biggest purchases you're likely to ever make in your life, its not time for you.


    Maybe, but it's nice to get various opinions.
    Just be sure you are "homeowner material"...you will now be responsible for all repair costs not to mention ever increasing property taxes and home owner insurance will be more expensive than renter insurance(if you even had that). Home ownership isn't for everybody but if the shoe fits it's a great feeling to know it's your castle(well, with a lien or 2 on it).
    No doubt rates are about as good as we will probably ever see in our lifetimes, so if you are in a buyers market then full steam ahead!
    Yep, my name really is Bob.
    Parasound HCA1500A(indoor sound) and HCA1000(outdoor sound), Dynaco PAS4, Denon DP1200 w/Shure V15 Type V and Jico SAS stylus, Marantz UD7007, Polk L600, Rythmik L12 sub.
    · Share on FacebookShare on Twitter
  • blueboxer
    blueboxer Posts: 621
    edited January 2011
    If the house payment is near what you would be paying in rent for a similar space, you are looking good. The upkeep, insurance, inevitable upgrades, etc... all add to the overall cost, but the tax breaks help offset some of it. I bought my house thinking it was exactly what I wanted and ended up installing new wood floors, painting the entire house, building a custom island, going with a different granite in two of the restrooms, tried to add some additional lighting (I caved and had to hire someone for this one), replaced the carpet because the old carpet didn't do the wood floors justice, and a few other things. It all adds up, but doing it yourself keeps the costs down and the boredom to a minimal level. However, I will say go with a big one story instead of a two story, that is my only regret.
    · Share on FacebookShare on Twitter
  • Demiurge
    Demiurge Posts: 10,874
    edited January 2011
    muncybob wrote: »
    Maybe, but it's nice to get various opinions.

    I don't disagree....still...

    Maybe I'm off base, but who the hell doesn't know that this is a buyer's market and interest rates will probably never be this low again in our lifetimes?

    Things aren't going to drop much more, but the bottom won't be found until we stop bailing out people who need to be foreclosed on because they made bad choices or just plain lost their jobs and could no longer afford their homes.

    I'm gonna talk to my mechanic this afternoon about this nagging back pain. :)
    · Share on FacebookShare on Twitter
  • jinjuku
    jinjuku Posts: 1,523
    edited January 2011
    txcoastal1 wrote: »
    Not a housing expert but I took advantage of the $8000 tax credit, bought a foreclosure, and 4.9% interest...sounds good to me

    Same here. The BEST time to buy was the tax credit season. We purchased a property that was mostly flipped and had the bank give us another $7k in credits toward some simply break/fix stuff and kitchen.

    You have to love a sub 5% mortgage:biggrin: Just finished up our first year and received a check back from the bank due to the 1st year escrow miscalculated to high.
    · Share on FacebookShare on Twitter
  • mhardy6647
    mhardy6647 Posts: 33,762
    edited January 2011
    I am thinking 2010 would've been an excellent year to buy.
    Now interest rates are rising and incentives (and sellers' desperation) are falling.
    · Share on FacebookShare on Twitter
  • fishbones
    fishbones Posts: 947
    edited January 2011
    Like some have said on here, one thing first-time home owners (if you are one?) don't realize is...alllll the other stuff that ads up - over and above the mortgage. It is a great time to buy - as long as you can afford it. You should ask questions like how much property taxes runs on the certain property, assocition fees if in a gated community, any maintenance needed on the house, or proposed maintenance in near future, future city assessments if any (water, sewer).

    As long as you know what you're getting into (all of it) from the getgo, and know that you can afford it all, then it's a great time to buy.
    ..... ><////(*>
    · Share on FacebookShare on Twitter
  • madmax
    madmax Posts: 12,434
    edited January 2011
    Not an expert by any means but I think it is a great time to buy if you have to finance. Down the road super high rates may make it impossible. However, if you had cash to buy it with it is possible that a steep rate increase in the future would limit selling to such an extent that pricing may go way down. Of course inflation could cause a problem if you waited... I personally would buy now.
    Vinyl, the final frontier...

    Avantgarde horns, 300b tubes, thats the kinda crap I want... :D
    · Share on FacebookShare on Twitter
  • steveinaz
    steveinaz Posts: 19,538
    edited January 2011
    Super low interest rates---unless weather is a factor where you are at, why not?
    Source: Bluesound Node 2i - Preamp/DAC: Benchmark DAC2 DX - Amp: Parasound Halo A21 - Speakers: MartinLogan Motion 60XTi - Shop Rig: Yamaha A-S501 Integrated - Shop Spkrs: Elac Debut 2.0 B5.2
    · Share on FacebookShare on Twitter