23 year old seeking advice!!!

**fmike630** · 05-16-2009, 05:23 PM

I have seen an increase of activity in the past 90 days with lower end homes moving withing 30 days of listing.

The reason I believe is because of low interest rates and low priced homes.

I dont think home prices are going to jump up quickly, nor do I think interest rates are going to stay this low either.

For a long term investment at your age, if you have a nice savings a/c and plan on keeping your investment 5 years or longer I think you are in a win win situation.

Experts can't time exactly when this happens so I dont think anyone really knows for sure when to buy.

Good Luck!

**Dave Reynolds** · 09-30-2011, 08:27 AM

Given the history of the real estate market prices are not likely to shot back up overnight. It will be a gradual increase. As a first-time buyer you want to ensure that you are in a financially stable position to make your first purchase. The best way to assess your financial position is to determine whether or not you have any outstanding debt. In order to get the best mortgage rate you want to keep your debt to income ratio as low as possible. Additionally you want to have at least 10% of the purchase price saved for closing costs. You do not want to completely wipe out your savings with the closing cost, so the general rule is to have at least the 10% in closing plus a 3-month emergency fund in savings prior to the purchase of the home. If you determine that you are financially stable than yes this is a great time to make your first home purchase.

**pandy1021** · 10-03-2011, 04:50 AM

Originally Posted by solodolo

I am currently 23 years old, have a great job, and i still stay at home with my parents (to save money!). I am currently saving a $1000+ per month. I live in Dallas, TX and there are a lot of nice townhomes/condos for affordable prices.

I don't know whether i should wait and keep saving or act pretty soon and buy a house/condo/townhome?

What if prices shoot back up?

Any advice?

Before you reach 25, you should have your own house already. You have to at least live on your own now - well of course you can already unless everything is still done with your parents. Sometimes when you act pretty late on buying your own property, it might cost you more than now. It is also hard to purchase a good one property know than it might be in the future.

**sceptic_male** · 10-08-2011, 11:15 AM

Originally Posted by pandy1021

Before you reach 25, you should have your own house already. You have to at least live on your own now - well of course you can already unless everything is still done with your parents. Sometimes when you act pretty late on buying your own property, it might cost you more than now. It is also hard to purchase a good one property know than it might be in the future.

Thats true but people also need finances for owning a house, in this tough financial times its hard to get finance on houses...