Home Buying in 07105>Question Details

amonge13, Home Buyer in Newark, NJ

is it a good time to buy?

Asked by amonge13, Newark, NJ Fri Jan 4, 2013

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16
Robin Stark’s answer
well, the right time is up to you.
when and where you want to buy.
although this is the selling season, so there is lots of opportunity in the market, and interset rates are lower this time, encouraging buyers.

Sources:
http://www.toponesuccess.com/
0 votes Thank Flag Link Fri Jan 11, 2013
Think about it. Its the Perfect Storm! Money and Real Estate on sale at the same time! You can often own for less than rent. Ken Weber REALTOR The Villages, FL 32162
1 vote Thank Flag Link Fri Jan 4, 2013
Hi

Please contact me for a free buyers consultation and we can find out together if this is a good time for you to purchase.
0 votes Thank Flag Link Sat Jan 5, 2013
When you look at mortgage rates and home prices, yes it could be a good time to buy. Do you have good credit, a stable job situation? It is all up to you.
0 votes Thank Flag Link Fri Jan 4, 2013
It's only good time to buy if you are ready. If you are going to need a mortgage, it's important to understand what it will take to get financing. Lenders have more restrictions on who they will lend to. You should also expect to have a solid down payment to obtain a mortgage. I recommend you speak to mortgage professional before you start looking. There are more buyers getting turned down for mortgages since the mortgage meltdown occurred in 2008.
0 votes Thank Flag Link Fri Jan 4, 2013
As a lender I would agree with Debbie Rose. Although it may appear to be a good time to purchase a home based on market conditions and interest rates it really depends on your personal situation .There is a lot to consider when buying a home.

Michael Spinetta NMLS 124703
AnnieMac Home Mortgage
115 RT 46 West
Mountain Lakes NJ 07046
mspinetta@annie-mac.com
0 votes Thank Flag Link Fri Jan 4, 2013
The right time is determined by you. Then consider the current interest rates and the supply of homes that interest you.
0 votes Thank Flag Link Fri Jan 4, 2013
Hi, If you look at current mortgage rates and home prices then absolutely. The rest will depend on your financial snapshot and if you are ready to purchase.

Chris
0 votes Thank Flag Link Fri Jan 4, 2013
Honestly, it all depends..........it can be a good time, or it may not be a good time for you.

Since no one knows your specific financial situation, or your personal needs (how long do you plan to be in the house, for example), I don't think anyone can or should make a blanket statement that it is, or isn't a good time for YOU to buy now.

Simply because interest rates are low doesn;t mean everyone should jump in and buy (in my opinion, anyway).

It's a personal and individual decision, and there are a lot of things that factor into it.

I suggest you speak one on one with someone (an agent & a lender) .....discuss your needs, job security, down payment and ability to qualify for a loan............and then you will know if now is the "right" time or not.

Best wishes in the new year!
0 votes Thank Flag Link Fri Jan 4, 2013
In my opinion, the best time of the year for a buyer to buy is during the fall/winter months, this is when you get to see all the "ugliness" of a home. The roof won't typically leak in the middle of summer and there won't be standing water under the home.

Of course, right now with the interest rates as low as they are, I would definitely recommend purchasing. If you already own a home, consider purchasing an investment property. With as many people who have lost or are losing their home to short sale or foreclosure, they usually won't want to live in an apartment setting, which is causing rental rates to increase.

The thing to remember when you do purchase is to not use your home equity as a credit card/line of credit, that's what got a lot of people into the mess they are in right now.
0 votes Thank Flag Link Fri Jan 4, 2013
Now is a great time to buy! Interest rates are low and home prices have not yet started to rise.
Don't wait too long as we anticipate the Spring real estate market to be very busy.
0 votes Thank Flag Link Fri Jan 4, 2013
With interest rates at historic lows and home prices having dropped to the numbers which they have,
why wouldnt now be a good time to buy?.....

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
0 votes Thank Flag Link Fri Jan 4, 2013
You are buying at the bottom. There is a yielding in the curve moving up and it will begin to move up from now on. I cannot see prices going any lower. They just cant. If they go lower that will mean our entire economy will collapse and that isnt happening unless you talk to "doomsdayers"...

Interest rates are really low right now. and they will begin to rise. Just heard QE3 stimulus will prob end even shorter than orig expected. so I expect interest rates to rise.

It is a great time to buy! If you don;t buy now you are missing an opportunity of a life time.
It may sound like a cliche but its true!



Search foreclosures and short sale here: http://www.BuyNJShortSales.com

"Nobody Sells More Real Estate than RE/MAX"

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo When you want it Sold Fast!
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes Thank Flag Link Fri Jan 4, 2013
If you have the financial resources and buy a property at a discount to market rent, then it's a good time to buy.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri Jan 4, 2013
Warren Buffett famously said: "Be fearful when others are greedy, be greedy when others are fearful." And if you're not instinctively scared of the housing market, then global warming, saturated fat, running with scissors and the bogeyman probably aren't keeping you awake at night, either.
The fact that everyone is scared to dabble in - much less commit to - housing makes it a close to perfect investment based on Mr. buffett's principle. But buying real estate is a good long term investment for many reasons.
If you negotiate and do not overpay, real estate is a good investment at any time.
0 votes Thank Flag Link Fri Jan 4, 2013
It's always great to buy if the economy is just about starting to recover.
It's even better if the interest rates are as low as they are now.
This is because these low interest rates allow for buying a larger property with a comfortable amount of mortgage payment...

However, before buying - think how long you'll stay in the area.
If it is longer than 5 years - go for it. If not - make sure you can sell when leaving, without a loss.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Fri Jan 4, 2013
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