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trudylia
@
2009 Sep 17, 12:56am
trudylia
@
2009 Sep 17, 12:56am
1. What do you tell people who are currently thinking about buying a home and why?
Don't buy if you don't have to; wait at least one to two years before you seriously commit to buying a home -- hopefully, deprecated/ignored banking regulations/practices are reinstated along with strict property assesments, and higher interest rates and enough foreclosures occur between now and then to bring down the prices of homes.
2. What is is the general area you live in?
11230.
3. Do you currently own a home?
Yes, a co-op.
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Out of curiosity I would be intrested in knowning.
1. What do you tell people who are currently thinking about buying a home and why?Â
2.  What  is is the general area you live in?
3. Do you currently own a home?
To answer my own question first.
1. I normally recommend to people not to buy unless the following conditions are met. a) they plan on living there for over 7 years B) The total monthly payments are not much greater then what the unit would rent for C) they like the place location and all.  Personally I feel that most of the luxery condos are still way over priced because in some areas you can own a relatively new townhouse or a house for the same price as a condo.  Although I warn people about the chaos in the market. There are however currently places that can now be owned for what it costs to rent something equivalent so I do not consider all homes in the area to be over priced.Â
2. NoVA inside the beltway.Â
3. Yes