Home Buying in 37412>Question Details

Ocblank, Home Buyer in Chattanooga, TN

Is now the best time to buy? I am looking to buy a starter house but I have to wait. I just feel like in a yr when I'm ready prices will

Asked by Ocblank, Chattanooga, TN Thu Dec 15, 2011

skyrocket. Im looking for something around 150 to 200k. Currently while doing some research I feel like I can get a lot more than I thought for that kind of money. My only thing is I am still saving for a down payment, raising my credit, and paying off student loans. So I realistically won't be able to buy for at least another 8mo and I have a notion that prices are on the rise and at the time I am ready to buy what I could get for 200k will look more like what I can get for the lower 100k's now....is that at all accurate, or how long do you think I have to get what I can get now at about the same price?

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oc.....

The absolute best time to buy is when it's right and perfect for your personal situation. making credit repairs and saving for a down payment are two primary factors that must be taken into consideration prior to deciding if the market is right.

Other factors to take into account are housing availability in your market, interest rates, and loan program availability. In 8-12 months it's unlikely that the market will "skyrocket" but most are hoping that pricing will begin to inch upward(time will tell).

The bottom line is that there will be an opportunity waiting for you within the next year that shouldn't be drastically different from what is available today. The home of your choice at the present time will likely be gone but there will be others. The prices may be slightly higher and interest rates may creep up a bit but the right opportunity will exist for you and your family.

Take care of first things first by getting your credit rating taken care of and saving for the necessary deposit and other expenses associated with a transaction are your number one priority.

Best wishes,

Bill
1 vote Thank Flag Link Fri Dec 16, 2011
Hello Ocblank,
Realistically, home prices are not going to be increasing any time soon as recent news on another foreclosure wave coming in the next several months ahead indicates otherwise. The banks are stepping up their efforts sending foreclosure notices to delinquent home owners which will increase foreclosure and short sale activity in the months ahead.

What you do need to keep in mind are interest rates. They are at or near record lows currently but 8 months from now may be a different story.

Buy when you feel comfortable doing so.

Good luck!

Laura Feghali
Prudential Connecticut Realty
1 vote Thank Flag Link Thu Dec 15, 2011
December is a great time to get a deal from a Seller at their lowest point of discouragement. Once a Seller flips the calendar to January, they are emboldened that Spring will bring a Buyer at the price they want and it does not seem to long to wait. Also, if the house you choose has Sellers that have already moved out, they are more likely to let the house sell at a lower price in December than risk busted water pipes in a deep freeze.

Strike now. Call me and I can help you get moving.

Ellis Gardner
RE/MAX, Broker
"Go With a Pro!"
web - EllisGardner.com
fax - (888)663-1076
cell - (423)413-5037
1 vote Thank Flag Link Thu Dec 15, 2011
Think you should focus on your waiting period as prices will almost certainly NOT skyrocket!
1 vote Thank Flag Link Thu Dec 15, 2011
Buying a house is a bad financial decision right now. Anyone who tells you different is a liar. I have a degree in Business Administration with a Concentration in Corporate Finance. The houses are still overvalued. Purchasing a home will not be a good decision until homeowners get their homes above water.

If you are purchasing a home to raise a family or because you want a better quality of life. I recommend going green to preserve the value the best you can.
0 votes Thank Flag Link Sun Dec 18, 2011
Well, it may be, OC, but whatcha gonna do? You can't buy now, and you can't reserve today's prices for future purchase, so just go about your life, doing what you're doing, and when you're ready, check out the market at that time.

All the best,
0 votes Thank Flag Link Sun Dec 18, 2011
When is the best time to buy? The best time to buy is when you have discovered the house structure that makes you feel like you have come home! The first question to ask your self is this: Am I buying because I want to live in that community, on that lot and location and in that particular style of home? Or am I buying because I plan on makeing money on my transaction. Some times placeing a price on the quality of life, the life style you want may become a mute point when you consider the alternitives of choices available. That being said the winter and early spring months may appear to be the best time to buy, but really its like going to pot luck and being the last person in line... All you get is the left overs. For me I like to think of the best time to buy as being just before the winter months start and just after the winter months end. Sellers before the winter months may want to take a lower price simply so they won't have to go thru the winter months. Sellers just after the winter months may be tired and simply ready to just get the sale over and when an offer shows up, you can rest assured that they will give it a lot of attention.
0 votes Thank Flag Link Sun Dec 18, 2011
Blank,
You have spent your time wisely focusing on your credit, paying down debt and saving, saving, saving. The greatest cost to home ownership is not the price of the home but the price of the money you must borrow. The focus of your actions will be much more significant and any modest increase in prices that may occur in the next year or two.

As others have noted, all real estate is local. Some communities here in Tampa are seeing a positive trend line, while other struggle to clear inventory. What is absolutely missing from these statistics is any community showing an inclination of firing up the after burners with price increases.

Keep your eye on the mortgage interest rates, if they start creeping up, its time to take action.
Web Reference: http://www.MyDunedin.com
0 votes Thank Flag Link Fri Dec 16, 2011
Relax, now is absolutely a great time to buy, but prices aren't likely to skyrocket, your fears are unjustified. While real estate is different in different ares of the country, I work in the Chapel Hill / Durham area of North Carolina and have knowledge of your area and I'm unaware of anything that is going to significantly drive prices up in the next year or two as you fear.

I recently posted a blog here on Trulia about credit scores that you would find of interest, I've attached the link below.

Work on getting your credit score up and over the next year really focus on putting money aside for your down payment and relax you'll get a great deal next year when you are better positioned to buy.

I wish you the best of luck.
0 votes Thank Flag Link Fri Dec 16, 2011
Ocland,
There are some neighborhoods in Chattanooga that have already experienced a recovery in pricing. But, I don't anticipate a huge price increase across the board. It will be a slow and steady a recovery. Most importantly, get your credit and down payment ready. This why you'll give yourself the best start.
0 votes Thank Flag Link Fri Dec 16, 2011
Ocland,
I can send you by email about 20 slides that are directly from NAR (National Association of Realtors) for 2011 real estate statistics and where the market is headed. I believe from this you can see that you will be fine. Let me know.

Realtor Ryan
Keller Williams Realty
202 Manufacturers Road
Chattanooga, TN. 37405
(423) 664-1900 Office
(423) 595-7958 Direct
http://www.RealtorRyan.com
RyanKing@RealtorRyan.com
0 votes Thank Flag Link Fri Dec 16, 2011
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