Answers
Even though the economy is doing bad is it a good time to buy Real Estate?
- What are the up sides and down sides - What exactly are property taxes - Where are the best places to buy real estate right now?
Best Answer:
I am thrilled with buying right now, it is a very exciting time to be investing. The best place to buy is locally, support your local economy as much as possible.
Answers:
Its a great time to buy real estate, but make sure you know what you are getting yourself into.
- Can you afford the new real estate with all your other bills
- If you plan on renting, can you afford to make repairs and go months without rent if you get a bad tenant that causes trouble
- Real estate usually doesn't pay off immediately. You usually have to hold it for a while. Even "house flippers" have to hold them for a few months while making repairs and finding a buyer
I run into so many first time landlords that ask how to get bad tenants out immediately, b/c they can't afford to pay the mortgage unless they have a good, paying tenant in there for the entire year.
Heck yeah it is. Home prices are at an extreme low. It's a bad time to sell.
Up side- the interest will be tax deductible when you file every year. You'll have a home! You can create wealth with the equity in your home.
Down- You will find it harder to get a mortgage.
Also, shop around with realtors. Compare fees. Some may be charging outrageous fees since they aren't making much money right now.
I heard on the news that the Charlotte, NC area is a market that has stayed stable or increased. However, California has seen the biggest decline.
The best place depends on how long you plan on staying in the home. If you are going to be there 5-10-15 years, then I personally would go for areas that have seen the biggest decline. You wil get the best deal. And when the market goes back to normal, you will see a fast appreciation on your home.
Property taxes are like city taxes, based on each city. When you go to like remax.com and look at houses, most homes list your property taxes for each year. Most homeowners escrow their taxes and insurance instead of paying a lump sum. Divide the taxes by 12 and that's what will be added to your mortgage payment each month. So if you want a larger house, go to an area that has lower taxes. The city I live in, I rent though, has taxes that cost people around $600 per month. CRAZY!!! Just another way for the city to make money.
You will help the economy by purchasing a home. The up sides are ownership, you home being paid off eventually, not like renting forever & it is an investment. Property taxes are just the price you have to pay for ownership that go to the local economy/state. One of the best places to buy a home right now is here in Grand Rapids Michigan. You can get a lot of house for little money.
This is probably the best time...
sellers are motivated because of all the hype about the real estate market...you might be able to get a good deal as homes are typically not over priced right now
property taxes are the taxes that you pay to the county where the home is...these don't go away, even if the house is paid for and they are typically included in your house payment by your mortgage company....they vary greatly based on where you live..a Realtor can tell you the taxes on any property you look at...
Yes! Buy my house!