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06-21-2010, 01:11 PM #1
Renter
- Join Date
- Jun 2010
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Buy now, or wait?
Hi all,
I guess maybe this is more of an investment question, so hopefully there's someone here who can answer it. I apologize if it's not really apropriate for this forum.
The situation:
My husband and I are currently living in far northern California. This fall he will be applying to various schools to finish his degree, and we will be moving next summer to whichever school he gets accepted to and chooses to attend. Right now, it looks like the most likely school will be UC Davis. We can't and won't be able to afford a home in Davis, but we can afford a home in Sacramento. Now, we've been watching the housing prices for the last 6 months or so, and I've seen the home prices in Sacramento climbing. Not much, but still climbing. My question is - does anyone have an informed opinion on what's going to happen to the housing market (particularly in Sacramento) in the next year. Do you think that if we wait to buy a house until this time next year that the housing market will have improved enough that we can't afford one? (Our price range is around $65k). Is it better to buy now while the market is low and leave the house vacant for a year, or to buy next year when we will probably be paying more for less?
Any help would be very much appreciated. We've never bought a house before, and really don't know enough about the process, but we'd hate to miss out on our opportunity.
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Miss,
If you have the money, and can AFFORD the house, then move when prices are practically at rock bottom. Go to Realty office in the area you're planning on moving to and speak with a Realtor. They can give all the skinny on prices, rising...falling...remaining the same. All the trends. Also, do your own due diligence. Get the low down on the crime rates and how far the University will be from your home etc. You get this info, you must obtain all of this.
Also, just in case your new found Realtor from the area doesn't tell you: Go through ALL of your monthly bills (outcome) and ALL forms of income. THIS will determine if you can afford to live in your new house or you'll be eating crow. Have your Realtor calculate your closing costs firstly because if you can't afford the closing costs (Title search, pro-rated taxes, Deed prep, Home Owners Assoc. fees), then there's no point in even looking. Follow?
Lastly, my brother also completed his PhD and moved to a new area of the country and a new University just four years ago. Have your husband thoroughly, I mean THOROUGHLY interview the school in which he's applying. In a nutshell: All of the administrators lie to get good talent. The answer is "yes"; they all want to "get the kids on the fast track and graduated". If your husband finds that there's no deviation from the outdated curriculum your husband may regret and resent in short time where he works. If your husband doesn't mind being a robot and submitting the numbers to the over-paid administration, then forget what I just said.
Good luck and remember to add up all of your monthly expenses. From Alkaseltzer to Zicam or you will be sorry.
CMLast edited by Chrisopher Moltisanti; 06-23-2010 at 05:41 AM. Reason: grammar error, again
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