Now until income tax time, check with a lender to find out what your financial position is, to determine if it is best time for you.

Sincerely,
Fabulous Nancy Peebles-Moore

Yesterday, 09:59

I agree with many of the answers. The big thing is when is the right time for you. It is true that many programs are either going away or are changing their requirements. If you have 10-20% to put down, this is not going to affect you as much. If you are trying to put very little down, you might want to consider moving before Oct 1. Also, some predict that interest rates will be going up after the election.
But the most important is finding something that you like for the price you are willing to pay. I had a client look for a year before she found her price in the school district she wanted, and she found it after she gave up looking. Make sure the house you buy is something you will be able to live with for at least 2-3 years.

Good Luck! And speak with a local lender and Realtor.

~Cassandra

Fri Aug 1 2008, 19:38

Did you know that God kills a puppy every time a Realtor® says, “It’s a good time to buy because rates are low?”

FACT: IT IS ALMOST ALWAYS BETTER TO PAY A LOWER PRICE AT A HIGHER RATE THAN A HIGH PRICE AT A LOW INTEREST RATE!

Check out the thread below.

Fri Aug 1 2008, 19:37

Michael, Read all of the posts here because there are several good replies.

To help answer your question I would need these questions answered.

1. Why are you looking at such a wide price range?
2. What area's are you looking in?
3. Are you currently renting?
4. Are you looking at bank owned properties too?
5. Why are you thinking next May?
6. Do you have your preapproval lined up? Your interest rate depends on your credit.

If you want to answer these questions and want my help I would be more than happy to help you.

Kim Boyd
kboyd@sibcycline.com
"Fill your Real Estate Void with Scott and Kim Boyd"

Fri Aug 1 2008, 18:40

Michael, here is some additional information for you. If you are needing the seller to assist you with the 3% down payment required by FHA loans, the government has said they will eliminate those programs beginning Oct. 1 of this year. Of course, we Realtors are in the process of presenting petitions for those programs to continue as we know how much it helps qualified buyers to purchase a home.

Mon Jul 28 2008, 11:18

Buy now...FHA loan. Down payments and interest rates are going up w/ Fannie and Freddie and strict guidelines now for loan. Shop for a lona and a realtor..then for a home whether now or a year from now. Get those all lines up. Interview both. They are people and you need to click w/ them! Get one who has time to return your phone calls!!!!

Mon Jul 28 2008, 10:46

The right time to buy is NOW. Prices are down, probably at the bottom. Mortgage rates are great for those with credit. When the market recovers in several months, prices will increase rapidly ... most reported data runs about 60 days after the fact ... too late to take advantage of the news.

Thu Jul 17 2008, 11:18

buy only if your paying $100 a sq ft or less.

Thu Jul 17 2008, 09:27

The Right Time to Buy or Sell a Property is when you are ready. We cannot predict the market, but no matter what real estate market we are in, the truth is the buyer or seller has to be ready to make a move.

Thu Jul 17 2008, 02:25

The market wont reach the bottom untill the end of 09.If your looking to buy now make sure your not paying over 100 a sq ft if you can get lower that's even better.

Thu Jul 17 2008, 01:40

Ok. I am going to put this to you in the shortest terms possible.

RIGHT NOW!

Thu Jul 17 2008, 00:46

Michael,
Before the end of 2009. You should be able to save about 15% by end of 2009. The rate is fluctuating so there may be an increase to the interest rate to compensate for the decrease in price. Think about it. YOu pay less for the price but pay high for the interest rate = the same as you buy now.

Charita King
562-276-8681

Thu Jul 17 2008, 00:41

When is the right time to buy?

Honestly, there’s no perfect answer. The question to ask is, “Is this the right time for you to buy?”

Some experts say that no more than 33% of your total income should go towards housing. Have you spoken to a reputable mortgage professional to see how much home you can afford? Are you financially ready for this jump? If you are thinking about buying, have you thought about how long you want to stay in the area? If you want to build equity, you might want to consider this factor. Have you considered the responsibilities that go along with home ownership like maintenance repairs? If you’re still saying ‘yes’, then this could be the right time for you to buy a home.

It’s true that you will find some incredible buying opportunities right now. It’s a high inventory market, so there are fewer multiple offer situations. Many sellers are taking a loss when they sell, so this opens many doors for buyers to find fabulous deals. You can still get a decent interest rate.

Before making any purchases, analyze your goals. What type of home do you want? What area do you want to live? What factors are the most important to you? Find an agent who is patient, that will listen, and who will work with you on finding your perfect dream home. Ask yourself if you might compromise. For example, will you buy a fixer-upper if you love the location? Are there things you absolutely must have in a home, like a 2-car garage?

To sum it up, it could be the perfect time for you to buy. The truth is only you can make that decision. The market conditions are in your favor. Good luck! 

Wed Jul 16 2008, 06:16

During the winter of 2007-2008, prices of homes decreased and many home sellers took a beating. When spring season came, he number of buyers increased and sellers did not have to decrease their prices as much. So if I were you and not a Realtor, I would wait untill after the school year starts in September. Those that really need to sell will still be selling and prices may decrease again. Since the number of buyers will decrease due to the season, mortgage rates should decrease also.

Mon Jun 23 2008, 15:48

Hello Michael,

I can tell you that it will be a buyers market for a little while longer, through 2009. But the one thing that acting now makes it better for you are the interest rates are going up slightly. The FHA was at 6.0 a month ago with 1 Point Buy Down and is at 6.5% on average with the 1 Point Buy Down. 1 Point is basically 1% of the price of the home, to buy your rate down. Buying now rather than later is better for sure. Good Luck! If you need and agent, you can reach me through my website to interview me.

Sheri Mapes the Cincy House Expert

Mon Jun 23 2008, 15:20

Start your search now. Your price range can match a broad spectrum...or not! So take a look and see what the market has to offer in the area(s) of your choice. There are upticks in some neighbohoods, a lull in others. Keep an eye out on interest rates, develop a relationship with a lender, and get pre-approved. Seek real-time advice from Realtor who knows the market in your desired areas, and let that Realtor work for you. We have sources for all your real estate needs.

Mon Jun 23 2008, 15:05

Since you have options wait until May next year. Prices will drop more.

Mon Jun 23 2008, 14:12

Now would be the best time to buy. Interest rates are still low, sellers are seeing the market get softer and are more willing to negociate

Mon Jun 23 2008, 14:06

NOW IS THE BEST TIME TO BUY!! The market is in a GREAT position for buyers at the moment - a lot of inventory, low rates, and sellers willing to negotiate! Find an agent and go buy a home!!

I would be happy to help you in SW Ohio!

Mon Jun 23 2008, 14:02