Home Buying in Pensacola>Question Details

Sam, Home Buyer in Pensacola, FL

should i buy my house now or in 6 more months??

Asked by Sam, Pensacola, FL Thu Mar 13, 2008

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9
Sam,

It all depends on where you are looking to purchase ....

If you're considering Stockton California, then I might consider waiting 6 years ...

Your window says Pensacola ... the Panhandle area (like Destin, etc) is actually a great area to start *looking* ... that area didn't take the "Boca Boogaloo" like the rest of the markets in Florida..

Rates will be coming down in the next 2/3 months, most buyers will waddle back north after Easter ... so do your homework and look at everything ..

Would you know a good price if you saw one..? ... do the right research and homework -- it will save you thousands.!


Good luck and happy hunting.!

;^)
0 votes Thank Flag Link Mon Mar 17, 2008
If I was shopping for a home right now, I wouldn't hesitate. But shop carefully, get a good comparative market analysis--and spend some time scoping out the available market. This way you will know a good buy when you see it. If you choose a good realtor, they can be a wealth of information. Make an offer on a home by comparing its good points with other available properties. Interest rates are still low, and none of us has a crystal ball as to what 6 months will bring--it could be better, but it also could be worse!! We don't know what credit will be available, and right now there is still 100% financing available if you qualify.
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Thu Mar 13, 2008
Sam,
If you are a gambling person, waiting is probably the direction you should go. However, at the present time there is a known quantity that you can plan on.....
great inventory of homes
motivated sellers
low interest rates
There hasn't been a better opportunity for buyers in a long time. You might find that waiting might end up costing you more in the long run. We like dealing with the known quantity.......

Good luck,
The "Eckler Team"
Century 21 Almar & Associates
Venice, Fl 34285
0 votes Thank Flag Link Thu Mar 13, 2008
Hi Sam,
I have to tell you, if you are looking for some FABULOUS Deals, you need to think about purchasing some property here in "The Desert".
I am in Palm Springs, CA but I work the entire area of Rancho Mirage, Palm Desert, Indian Wells, etc.
Our Market here is GREAT for Buyers!
There is lot's of inventory and there is tremendous opportunity for Buyers who want to make some Offers.
You can feel comfortable purchasing now for sure!
Let me know if I can help!
Michele M Mayer
760-835-5391
mmayer@windermere.com
http://www.MicheleMayer.mywindermere.com
0 votes Thank Flag Link Thu Mar 13, 2008
Hi Sam ~ there was a great article in the Feb 25, 2008. edition of Times that talked about whether to buy now or later. The example they gave was that if you were to buy home today for $218,900, with 20% down, on a 30 year fix rate mortage. Your interest rate would be 5.5% today and your monthly payment would come out to be $994.31. If you wait 12 months down the line, the price of the same home would probably have dropped down to $197,010, with the threat of Recession and raising interest rates, your rate maybe 6%, making your monthly payment to be $994.94. In the meantime, you are earning equity in your home and in the long run, come out ahead.

So, in short, if you can afford to do it. I would definately look into it.

Good Luck.

Annie Le
0 votes Thank Flag Link Thu Mar 13, 2008
Interest rates will be dropping again -- very soon., once this happens its predicted the Fed will maintain these levels for atleast a year. As for the housing market and the failing and rising of prices, that will be determined by your area. Each market experiences different trends and micro-climates.

I would suggest getting qualified for your loan and taking your time to find something. If the market start to shift either way you will be in a good position to take advantage of these trends.

Good Luck!
0 votes Thank Flag Link Thu Mar 13, 2008
Here in Northern Florida we are close to bottom, in fact some of our Zip codes are showing a slight rise since Florida is still a state with mode people moving in than out. I would recommend to act now. Mortgage rates are at or near historical lows and they wont go down any lower in the foreseeable future
JD
0 votes Thank Flag Link Thu Mar 13, 2008
Hi Sam
The right time for you to buy a house is when you need it. If by waiting 6 months you mean lower prices you also have to understand that the house may or may not be there when you make up your decision. I always advise my clients that the right time to buy a house is the time right after diligent research has been done so as to make the best and most educated decision in regards to the offer price. A reputable Realtor in your area will be able to help you in this process. Hope this helps and good luck!
Leonardo
Web Reference: http://www.leonardoteam.com
0 votes Thank Flag Link Thu Mar 13, 2008
Sam,
I can understand why the hesitation. In some areas of FL I would so not at all. For example Miami. We believe that Miami has a long way to go before it settles down. Other areas of FL are beginning to see the bottom, however I don't believe that in general we are close enough yet. We are currently reloading all of our FL property in because of all the changes in the market. Pensacola is a little more protected and may be a little safer.
Please email me and give me some details of your purchase. I'll do a little homework and let you know.
The Schaffer Realty Group
Marian Schaffer
http://www.marianschafferrealty.com
877-866-8388
marian@marianschaffer.com
0 votes Thank Flag Link Thu Mar 13, 2008
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