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View Full Version : Buy or wait?

valkoci
10-10-2007, 04:44 PM
Hello everyone,

I am looking to buy an appartment and I am not sure as to how long I should wait for the market to cool down. Any suggestions? Greatly appreciated!!!
Codythebest
10-10-2007, 06:02 PM
Wait. Buy it by summer 2008. Negociate deep at that time. You'll get a good deal. For now? rent!
Greg
10-11-2007, 04:42 AM
This market might not cool down for another 5 years. Are you prepared to keep renting for that long? If not, go ahead and buy something that will make you feel comfortable and get on with your life. Once this sub prime fiasco blows over interest rates will go back up.
Malok
10-11-2007, 07:05 AM
It really depends on your market.

While the perception is that "all real estate is depressed" right now - this isn't the case everywhere.

Some markets are EXTREMELY strong/popular and appreciating at quite a good rate.


Get with a competent and honest REALTOR to provide guidance as to your locale.
IggysListing
10-11-2007, 08:52 AM
It really depends on your market.

While the perception is that "all real estate is depressed" right now - this isn't the case everywhere.

Some markets are EXTREMELY strong/popular and appreciating at quite a good rate.


Get with a competent and honest REALTOR to provide guidance as to your locale.

Good answer!
You may also want to consult a financial advisor or tax specialist or at
the very least crunch some numbers with tax software. Look at the
big picture. Interest rates are still great. Consider everything, including
the time value of money, but most importantly, owing your own place.
IggysListing
10-11-2007, 08:53 AM
Sorry about the misspell/Freudian Slip:

owning not owing, haha.
REOCITYcom
10-11-2007, 01:15 PM
Depending on where you live I would rent. Market prices will come down as much as 40% in some areas over the course of the next few years. Basically if your area appreciated rapidly over the past few years, then it is going to correct over the next few years. If your market has had mild appreciation say at 5-8% per year, then you might be in an area that has had accurate appreciation. Be weary of anyone who tells you real estate always goes up and look how much you pay in rent is wasted, sadly most brokers only care about commision and not your best interest. Good luck.
IggysListing
10-11-2007, 04:45 PM
Depending on where you live I would rent. Market prices will come down as much as 40% in some areas over the course of the next few years. Basically if your area appreciated rapidly over the past few years, then it is going to correct over the next few years. If your market has had mild appreciation say at 5-8% per year, then you might be in an area that has had accurate appreciation. Be weary of anyone who tells you real estate always goes up and look how much you pay in rent is wasted, sadly most brokers only care about commision and not your best interest. Good luck.


Agree and disagree.
Real estate is subject to location and timing.
Anything said about it has to presented in that context.
Look at your area in terms of longterm growth and specifically
the neighborhood.
Forget generalties except for the fact that humans need housing
and this country continues to grow.
I do agree it is some times better to rent.
One size does not fit all.
I do not agree that most brokers care more about commision
than your best interest. Way too many do, but not most.
Codythebest
10-11-2007, 06:15 PM
I do not agree that most brokers care more about commision
than your best interest. Way too many do, but not most.

I agree. Way too many but not most...
valkoci
10-13-2007, 11:19 AM
Thank you all for your advise. I really appreciate it!