Home Buying in 19026>Question Details

Maureen Quil…, Home Buyer in 19083

My husband and I would like to take advanage of the housing market as first time home buyers but there is a chance that my husband will take another

Asked by Maureen Quiles-rosa, 19083 Mon Jan 25, 2010

job in a different state should an opportunity arise. Should we still buy now? Should we consider a lease to own property?
~Maureen Delco,PA

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Maureen
glad to see you are getting alot of answers to your question, perhaps now you see that options are many and you need to get all the facts before making a move. Do you have any info about whether your husband will be taking another job or not. This is a good time to buy and you would not want to miss any advantages available today. I would be happy to speak with you at any time, just to clarify any questions you may have.
Tish
0 votes Thank Flag Link Thu Jan 28, 2010
Maureen, Yes while nobody can predict the future try to get a better grasp on if you'll be relocating or not before you buy. If you have any financing questions I'd be happy to assist you. Chad 610 622 2212 cbahnsen@mortgagenetwork.com
0 votes Thank Flag Link Thu Jan 28, 2010
Hi Maureen,
You can only take advantage of the tax credit if you've: a. owned a home for at least 5 years as your primary residence or b. buy for the first time before the end of April 2010 and plan to stay there for at least 3 years. If not, then like the other agents have said, you'll be wasting money on closing fees AND will have to give back the tax credit money or a portion of it when you move
Web Reference: http://dannidewoody.com
0 votes Thank Flag Link Tue Jan 26, 2010
Hi Maureen,

I agree with Tish. It does depends on your time frame. Main question you need to ask yourself is when may this job opportunity arise? Yes, we are at all time lows with mortgages interset rates and yes, it is a great time to buy with the tax credit, but is it the right time for you is the question. Between 7 agents (including myself) their are a few different answers to this question. To really know if you should buy now you need to sit down with an agent and run numbers to honestly know if buying a house right now is the right choice for you and your husband, if you opportunity arises and you need to sell within the next year. I just listed a house that my client purschased in September through another agent. I can get her out of the house, one because she bought the house at a good price and two she has down payment money for the next purchase,. She will not walk away with much money once I sell it, but she will be walking away with money.
I hope all of our answers help you in some way.

I would be happy to sit down and run some numbers with you.
Kind Regards,

Kim Davish, Real Estate Consultant
Keller Williams Real Estate, Media
cell-610-470-7070
kimdavish@kw.com
0 votes Thank Flag Link Tue Jan 26, 2010
If you may be relocating anytime soon then don't buy. There are closing costs, credits, fees etc.. that the seller pays. You more than likely will loose money in the deal when you go to sell.
0 votes Thank Flag Link Mon Jan 25, 2010
I read Dan's blog and it is comprehensive. I would venture to say "Don't buy". The real test is YOUR ability to adapt. He points it out so well... if things break down, can you deal with that? Those considerations are important. Tish brings up another important point... timing.
Mortgage interest rates are low right now and speculation is growing that they may begin going up (in fact, they already are). Prices and mortgage interest rates are still at their historical lows RIGHT NOW. There may be no better time than the present for a buyer... but a buyer that is prepared for the kind of circumstances that you just described. If you ARE ready for the moment then the best moment may really be right now!
0 votes Thank Flag Link Mon Jan 25, 2010
your time frame would determine the risk, now is a good time to buy depending on the price range you are in.

please call for further advice @ 610 291-4172
0 votes Thank Flag Link Mon Jan 25, 2010
Hi Maureen,

Dan is right and so is Brian. The question remains, "What do you think?" It never hurts to research the market. You must weigh your options carefully. If you find a home that you both can love and it seems to be a great gift of a price compared to many others you have seen (take time out to go looking), you'll know it and then you'll want to buy it. If you know a potential move is in your future, take time to deliberate... don't be impulsive.
0 votes Thank Flag Link Mon Jan 25, 2010
It maybe a good idea for you and your husband to take advantage of the foreclosure market as well as the first time home buyer's bonus. Email me for more information on prospect properties. If things work out you could be moving to the new location with $50,000 or more depending on the purchase property. Now is the time to take advantage of the home buyer credit and the bottom of the market prices. I looked at a house today that a handy person could make $50,000 on in about 2 months. I look forward to discussing this with you further.


Thank You,
Brian Fletcher
Brianffletcher@gmail.com
Lincoln Realty
610-312-3158
0 votes Thank Flag Link Mon Jan 25, 2010
No, do not buy now. If you have to move you will lose about 6% in realtor commission.

6% does not sounds so bad? On a $100,000 house that is $6,000. Then add in closing costs to buy a house and it is likely to be $1,000 or MUCH more. We are also in an environment of falling prices. They could go lower.

When you are sure you will stay in the area maybe it is the time to buy. Looking at moving within 7 years will in most cases hurt you more than renting would financially.

Look at the blog below. It gives an easy way to figure out if renting or buying makes more sense. It includes a 30 year amortization table showing you just how much money you would save by buying or renting at any time frame you wish doing simple calculations.
http://www.trulia.com/blog/dan_chase/2010/01/does_it_make_mo…
0 votes Thank Flag Link Mon Jan 25, 2010
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