Housing Prices I’ve Been Told Are Now At An All Time Low. Should I Buy A House Now?
I’m not rich and wasn’t planning on buying a house until I graduate from college. I’m 19 right now but if prices are extremely low maybe I should get a 20 year fixed mortgage?
Category: house prices
WHILE NOT AT AN ALL-TIME LOW, THEY ARE LOW AND INTEREST RATES ARE GREAT. ASK YOUR PARENTS IF THEY CAN HELP
No. The market is still sliding downward. I would wait a few more months. Maybe the end of summer. Then start looking but, don’t buy the first one you see.
You are not old enough to “contract” for a house purchase, even if you had the earning power to get a loan. I you have the cash and are really good at picking a neighborhood for the future, then this COULD be a very good time to buy.
Prices are NOT at an all time low!!! Who told you that? A real estate agent? Prices are coming down from all time highs. INTEREST rates are quite close to all time lows so maybe you are confused. Don’t buy a thing until you can AFFORD it. Jumping into the real estate market is what got most people into forclosure trouble who are now crying for a bailout!
Yes now is a good time to buy. However, that doesn’t necessarily mean anyone can afford a house. I am 24 and tried going for a home mortgage loan last week and did not get approved. I already own 1 home and love it
If you can get approved for a loan and you believe you can afford it/ can rent it out or rent out part of the house to a friend, etc then I would say take a look at some homes for sale. You can use zillow.com or realtor.com or dubvnightlife.com to search for homes. Good Luck in the hunt
Also, before you get too excited you may want to go to your bank or Mortgage broker to see if you can get pre-approved for a home loan
The market is good for buying, however you need to ask yourself what your money situation is like. Do you have student loans that you will have to deal with once you graduate? Do you have credit cards or cay payments? Do you have enough money in savings should things go down the toilet? Even if the market is great, buying a house when you really can’t afford it isn’t a bargain.