Foreclosure in Lithia>Question Details

Jeff Stulz, Home Buyer in 33547

Hello, we are going to rent a home in Fishhawk ranch as we look and wait for some great deals. timing is

Asked by Jeff Stulz, 33547 Mon Dec 31, 2007

everything, as far as the market in the Tampa area/Lithia fl is concerned. when do you think the market will be at the optimum time to buy. In other words do you see the market still going down 5-5% in 2008> Jeff

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Hello Jeff,
Many people feel as you do in terms of having the ability to time the market but as you know it's only when prices start to rise (in the given location that your searching) that confirms the fact that you've missed it. But a major factor that you need to consider, if you will need to obtain a mortgage as most people today do, is that interest rates play into the situation. We know that they are on the rise and if you look at the payment on the current rate for the loan amount you need vs. even .50 to 1% higher-what does that do to your payment?? The payment is what you live with not the price you pay. That's a very big deal for most people and the higher the price of the home the more impact it has in changing how much home you can buy. I would be glad to break down some specific scenerios for you that may help. Go to my website at: http://www.ExceptionalNewHomes.com
0 votes Thank Flag Link Wed Jan 5, 2011
Jeff, Unfortunately there is no crystal ball as to the real estate market. We will never know and be able to say we are at rock bottom until we see an upswing. Picture it as a downward curve. We are definately on the downside and may continue down a bit more, however the bottom will only occur when we see an upswing and we'll never be able to predict it's exact point. That 5% your waiting to save now may just equate to the upswing percentage.
My suggestion is to find a pre-foreclosure or foreclosure and put in a low bid! The money you may save now could surprise you!
0 votes Thank Flag Link Mon Dec 31, 2007
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