Answers
I plan on buying my first house within the next year. How's the housing market going to look?
I plan on buying my first house within the next 10 months to one year. I don't know much about the housing market but I'm starting to do some research before I buy my first house. What is the housing market looking like in the next 10 months to one year? Would there be a better time to buy? Thanks for the help.
Best Answer:
YOU will do great. Yes, start looking now. Shop for financing. Talk to the loan officer at the bank you do business with first and for most. It is a buyer's market and I don't see it changing in the next few years, but for the better for YOU. Be sure to check out the bank forclosures and sheriff's sales in your area. Congratulation. Don't jump into anything and don't be high handed. The sharks are hungry and you must be smart not to get eaten.
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I suspect that pricing will continue to fall and that more and more forclosure/short sale oppurtunities will be available. Now is a great time to buy, but it may get even better in a few months. Interest rates are going to be what you want to keep a close eye on. They are very volatile right now and if you can lock in a good rate do it and pull the trigger. If you need a Realtor in the area you are looking send me a message and I will hook you up.
Prices will be lower but you'll need good credit and a sizeable down payment as lending requirements are growing more stringent.
16-12 months from now should be a good time to buy..Interest rates are falling and the housing market is falling into a slump, which means prices will go down.
Hey! It's a buyer's market right now... You'll be able to find some pretty nice property that is priced cheaper than it's actual value. Just keep your options open and don't buy the first house you see. There are great deals out there... something like 15 houses per one buyer. Good luck!
Jason, I don't think you will see a considerable change over this past year. There is alot of inventory in most markets that may take years to absort into the economy. So my thought is you will probably have a lot to choose from. Good Luck!
If you have good credit and at least some (5%) down with reserves and decent debt ratios (28/42%), you are definitely in the drivers seat. First, go to your Credit Union or Bank to get qualifed. Secondly, check out all of the FSBO (For Sale By Owner) listings as realtor commissions are the biggest cost in a real estate transaction. Once you find a home, pay the money for a thorough home inspection by a legitamate inspection company. You lender will be there along with the title companies and counsel to make sure that you are protected. Don't let a realtor give you a song and dance about how they help protect you and your interests. They care about protecting their commissions and that's about it.