buying a house

[A.Nonymous]

Thanks you. It's a good time to buy, but wouldn't you hate to be on the seller side of things if this mess doesn't clear up in the next 5 years?

What the op does it probably the right thing for the op. I've given you my advice. While I'm just a user on a forum and I hold no authority here, I give this advice because I'm trying to help.

Good luck on whatever path you take.

The market has already started to recover. If the housing market is still in a mess 5 years from now, we'll have a lot more problems to worry about than our houses. If you have a lot of cash and you buy houses now, you will look like a genius in 5 years. I'll almost guarantee it.

 

[Crude]

The market has already started to recover. If the housing market is still in a mess 5 years from now, we'll have a lot more problems to worry about than our houses.

That's what people said 5 years ago.

 

[A.Nonymous]

That's what people said 5 years ago.

5 years ago, the economy was on the downswing, not the upswing.

 

[lunatic59]

That's what people said 5 years ago.

Not quite. Five years ago people were racing to get into houses before the prices went so high that they had no hope of entering the market. The same thing happened in the late '80s where homes would go on the market and sell at 10% to 25% over their asking price in a week. Unfortunately for those people who bought in right before the market adjusted itself around 1990, they found themselves in upside-down mortgages (more debt than the total value of the property) which left them trapped until a.) either the market rebounded and the value rose above the outstanding debt + equity, or b.) they saved enough to pay the difference at closing to cover the loss.

This time it was a more pronounced rise in price during the "housing boom" so when the market adjusted, it made the likelihood of the first option very slim. Couple that to the unemployment and a vast majority of overextended homeowners had to simply walk away from any equity and abandon the mortgage.

 

[Crude]

So are you agreeing with me on buying a house or disagreeing or just derailing the thread?

 

[lunatic59]

So are you agreeing with me on buying a house or disagreeing or just derailing the thread?

I'm agreeing with A. Nonymous that you are wrong. Now is a good time to be a first time buyer if you have the resources.

 

[gallandof]

Small update. we have decided that we are definately going to be moving down to florida and were looking towards bonita springs or naples area. Anyone live around there or know the are able to recomend certain parts over others?

We will be taking a small vacation to look at the areas in april to get a feel for what we like better then hopefully making the purchase around october assuming we can find a house we like.

 

[NYCHitman1]

Small update. we have decided that we are definately going to be moving down to florida and were looking towards bonita springs or naples area. Anyone live around there or know the are able to recomend certain parts over others?

We will be taking a small vacation to look at the areas in april to get a feel for what we like better then hopefully making the purchase around october assuming we can find a house we like.

I'm not really sure where Bonita Springs or Naples is but my sister lives in Palm Bay and it's pretty damn nice there.