Should I buy now?

**Alex33** · 04-04-2008, 10:05 AM

Well long story short I live in Knoxville Tennessee and most 3-4BR houses go for about $100,000 in the area.

I'm currently 19 years of age with a great job/benefits and a high credit score so given the local estimates I can get a %6.x mortage which sounds really great to me.

I'm basically using this as a better form of living as opposed to Renting where I just throw money away and I hope with real estate if I decide to move in 4-5 years I can at least get my money back...or hey if I sell the house for $105,000 then I made some profit.

My only concern is the current state of the country's economy at this point, in speaking with my dad he made the point that if we hit a depression we're all going to be severely hosed anyway and that it won't really matter.

Thoughts? Suggestions?

Thanks!

**championprops** · 04-06-2008, 08:32 AM

If you can afford it I would def buy. I doubt very seriously that you would lose any money if you lived in the house for 4 or 5years before you sold it. Make sure you get a good agent to help you and whatever you choose always think in terms of how easy it will be to sell/

**Codythebest** · 04-06-2008, 04:02 PM

East Tn just hit rock bottom. I thought it would be around June. But it did in Feb-March. The market is up, slowly but surely now. Buy now...

**carlam** · 04-07-2008, 04:22 AM

It's great to be in the position you are in! Buy now! Buy smart, think about the resale value as well as what you want to live in for the next 4-5 years; buy a 3bed/2bath if you can afford it. Most homebuyers want at least a 3/2. Just don't stretch yourself too much and you should be ok.

**mjgiorgianni** · 04-08-2008, 02:47 PM

"It's great to be in the position you are in! Buy now! Buy smart, think about the resale value as well as what you want to live in for the next 4-5 years; buy a 3bed/2bath if you can afford it. Most homebuyers want at least a 3/2. Just don't stretch yourself too much and you should be ok."

Thanks for the motivation Carlam

I'm now looking to buy.

**Pinehurst Real Estate Guy** · 04-08-2008, 05:15 PM

Buy if you find the right home and you have completed your research.

Find all the sold properties in the areas you are interested in for the past 3years so you can see if the homes you are looking at are above, below or at value, whether that market is still declining, stable or improving, generally don't buy the biggest home on the block unless it's a bargain, and as already noted don't max yourself out with the payments.

Having six months of cash in reserve covering all your expenses including house payments was the old tried and true standard. Maybe we should get back to it.

Good Luck and I know a good realtor there if you need one, I think you can pm me if you do.

**Good Neighbor Home Buyers** · 04-08-2008, 07:06 PM

How long do you plan on holding the property?

**JHill** · 04-09-2008, 06:27 AM

WOW....I'm jealous!

I wish I was in a position to buy a home at 19. If I knew then what I know now, I would have been a home owner much sooner.

If you can afford to buy property.....do it! Plain and simple. I don't care what the critics say, real estate is still without a doubt the best investment you can make. Making that kind of investment at 19 is a clear path to financial success.

There isn't anyone that can predict what the housing market will do in the future. If we could do that, we'd all be millionaires! Don't listen to the nay-sayers words of wisdom of "wait until the economy bounces back"...... if you have the ability to do it....then go for it.

**ericbadgley** · 04-13-2008, 07:18 PM

I would say it is a great time to buy. Depending on the area, in my Area, Bellingham Washington. There are a lot of deals on the market. Plus our market is going pretty strong. How is the market over there.

**jron** · 04-16-2008, 07:32 PM

Tennessee market is hitting on a decline but as Cody clearly points out it can go up slowly, so I suggest to buy now. It is a better time to buy now than wait. If you look closely the housing crisis right now is hitting its high it's just a matter of time till it slows down and gain a few momentum to rise up again.