Does The Economy Being So Low Make Buying A House Right Now A Bad Decision? Or Would It Be A Good Decision?
I аm іn аn apartment renting, аnԁ I really want tο ɡеt out οf іt аnԁ actually bυу a house. Bυt ѕοmе people hаνе tοƖԁ mе thаt ѕіnсе thе economy іѕ ѕο low rіɡht now, thаt I ѕhουƖԁ јυѕt wait...Bυt ѕіnсе interest rates аrе going tο ɡеt lower, wouldn't іt bе a ɡοοԁ time tο ɡеt a house?
I јυѕt want tο know hοw thе economy being ѕο low actually ties іntο whether οr nοt buying a house now іѕ a bаԁ ԁесіѕіοn.
Depends on two things:
1. How long to you plan on living in the home? I always tell my clients if you plan on moving in 2 years or less, keep renting. You won’t have enough equity built up to cover the fees associated with selling the house again, especially in this market.
2. Can you afford to buy? If you have good credit, a decent down payment, and can get a mortgage payment that you can easily pay you are in good shape.
Also it depends on where you live. In many places home prices are near bottom. In most other places prices won’t fall much more, although it may be a year or more before we see prices rise again. If you are going to live in a house for at least 5 years and can afford to buy now, there is no good reason to wait and risk higher interest rates or higher prices.
its a bad time
The interest rates are coming down along with the prices of homes. You are now in a catch 22. Do I buy now or wait for interest rates to drop more. There is nothing wrong to buy as long you can afford to make that move. You will have to make a decision to buy now or wait to see interest rates drop more.
BEST OF LUCK!!!
I think it depends if your planning on buying a home and living in it long term then buying now is the way to go. Interest rates are low, Sellers are more willing to work with you and it’s not as competitive right now so you can get a house easily below the asking price.
But, since prices of houses are correcting themselves right now in some areas prices of home are going to keep dropping and in the first few years your paying mostly just interest with little principal so if you sell in a couple years you might be negative after selling