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toothfairy
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2010 Apr 24, 5:00am
pkennedy I'm not sure if that's the way I would play the housing market. It's a bit different from stocks in that solidly on the way up could mean it's harder to get the house you want.
Although waiting is certainly least risky since you're guaranteed not to win or lose by not playing.
I have no hesitation saying that now is the time to buy. Of course it depends on what you're buying but at the entry level you are mostly in the clear from any major price declines.
The issue in CBETA's case is the boyfriend situation. I say dump the boyfriend. I'm sure he's a nice person but marrying someone with 10 years bad credit is just a recipe for disaster.
CBETA
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2010 May 9, 3:08pm
As for “10 years of paying off debt†Um. Bankruptcy an option here? Don’t most people suggest it if you’re over 5 years of paying back a debt at a large portion of take home? If you’re not going to use his credit, trash it. 10 years is a VERY long time.
well yeah, an option, but there is something to be said about honor. Acquired debt happened because he made a dumb move, but thankfully he was saved. He feels gracious and wants to repay for the effort.
CBETA
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2010 May 9, 3:10pm
seaside,
I would not plan to sell the house I purchase, for no good reason.
Yes, if I can no longer afford it, I will sell. Otherwise, I'd like to live there. Unless of course I am able to upgrade and/or keep it as investment and live in a better one.
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A few words about self: Single gal, looking to purchase for the first time, top rated excellent credit, solid salary and employment, savings for down payment, foreign born but brought here as a child in high school. Another words solid buyer with pre-approval and all.
If I purchased: I want a 3B/2B with 1200sqf at minimum.
a. Buy now in a area which is not the very best (schools ok, train tracks which will host BART in the future are 2-3 streets away)I can afford but at 3x my salary. Allow renters or live there myself.
b. Continue renting and saving to buy with a shorter term, thus saving on interest and accumulating principal fast.
My situation is that TODAY I am single, 1B1B is enough for me. I don't want to think I will marry a guy with a house. Suppose I want to be a single parent. Shall I rent till then? I've played with the compare calculators: When I compare $$ for 1B1B vs a house, then the answer is Rent, if I compare the cost for 3B2B vs a house with same rooms, then it is about the same.
After reading a bit: I feel like I shall wait till I need to pay for 3B2B and then make decisions, now I am better off saving. (the only scary thought that I may not afford anything except renting a 2B2B then, if prices go up)
What do you think? I am interested in your opinions.....