Is this the right time to Buy a home?

Hey everyone! We all know that after Trump took the presidency in the USA, the world's economy was shaken. For a long time, I have been thinking of buying a home. I have heard news that the home loan interest rate has fallen to less than 7%. I think it's a good time to get a home loan and buy a house. What do you guys think? I am open to opinions.

 

If your can afford to buy the home (mortgage payments, insurance, property tax, PMI, HOA fees, utilities, and maintenance) it could turn out to be a good investment in the long run, IF:
- You are fairly sure you want it to be your 'forever' house.
- You do not intend to "flip" it.
- If it fits your lifestyle (enough room for kids, cars, toys, hobbies, etc)
- It's not located next to vacant commercial property that could be developed into a LOUD business such as a tire repair shop, mall, rocket launch pad, etc.
- It's not located within a half mile from a freeway.
- Not located within the approach zones of an airport.
- I would never purchase a home: with an HOA, adjustable rate mortgage, or leased solar panels.
- You know that real estate agent's job is to sell you a home.

 

If I was gonna buy a house and had means to do so,I would want an older house... 70s or before..

They looked nicer and frankly were made better!!

 

There is one house on sale in my neighbourhood. That house caught my eye on the first site. That house has a vintage look. I wouldn't hesitate at all to buy a house loan for that house.

 

Where are you considering purchasing? USA has different regional markets. Hearing that Canadian homeowners in Arizona and Florida considering selling vacation homes; may create a market blip opportunity. Values continue to decline in over-bought Tampa- St. Pete area due to natural disasters & resulting insurance spikes.

Remote workers may not be tethered to any regional market. Wondering on your situation Sparrowhead.

A Vintage home is best for a do-it-yourself purchaser to fix things. Big projects require time.

 

Real Estate is not going to get cheaper. Buy what you can now. With the tariffs and demands of rebuilding from fires and hurricanes, timber for new houses will go even more sky high.

Here's a a parallel for you....my mother told me "well when your father and I got married just after the war, we wanted to build a house (since there were none available ) but they were so expensive...$7000 on the GI bill.....we decided to wait until they came back down....a few years later, their first modest house cost $14,000.......

 

A relative of mine had a small, fairly inexpensive house built in 1950 near San Francisco. The lot was $5,000 and the house was $13,000. Now, 75 years later, it sold for $2.2 million. And it is still small, on the busiest street around there, and needs quite a bit of work.

 

Houses in this neighborhood still sell in a few days - and for the life of me, I do not understand why anyone would sign up with a realtor bandit. I could stick a sign in my yard, hire a good attorney to handle the transaction and save about $40k. What possible work could a realtor do to earn that? Take few pics, hang out a sign to pull customers into their office, not my house, they have no liability for a sale, but I have liability to pay commission if I find a buyer... all in all, they are bandits in this market.

 

I am in the process of putting my apartment up for sale. No plans as yet for where to next.
It's how we have been rolling for a lot of years.
Never had a mortgage for a long time.
We work with what money we have, never set our sights high, and basically hope for the best. Luckily we have somewhere to store our stuff and somewhere to stay until we find something that we like and fits our budget.
Life's an adventure guys, just keep your wits about you and do your research. Oh, and in certain circumstances, be brave!

 

Post 8----Not a bad idea. Make sure everything on the property is up to snuff, clean and presents well, inside and out. A realtor will "stage " the house when it comes up for sale with furniture or anything else that makes the place look nice / perfect for the open house. I don't know why an owner couldn't stage the home. Sign in the yard and , notices pinned up on bulletin boards and ads in local newspapers---especially the free ones should work pretty well. I have even seen suggestions from people saying to bake some fresh bread to make the place smell nice and homey on the morning of your open house. To save the standard 6 % to the realtor / s when the home sells is a BIG savings when selling the home . For example: 12, 000 bucks on a 200,000 dollar home.

 

Waiting might be good in the short term as interest rates might come down if Trump gets his way. But countering that is the dropping dollar. The fed might need to raise interest rates to attract more bond buyers. That's why the fed doesn't want to lower the rate.

 

There is one way that homes may become somewhat cheaper. With all the job reductions going on (mostly caused by the Gubment) - there will likely be pockets here and there where the supply of houses for sale is much more than the number of actual qualified buyers. So find one you like the most and 'lowball' them. You might luck out.

 

Not if you live in NL(eu).............wait untill the market crashes(finance), could take a few years(supply/demand)......what goes up must come down

Because realestate is "good/stable investement", in current market(west)....................just drives the prices more up(US/EU).

Mzzls