http://www.trulia.com/voices/Market_Conditions/Do_you_think_this_is_a_sound_financial_choice_to_b-76764potential lose money buying now over waiting?en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-Montrose_CO-222234/http://www.trulia.com/voices/profile/Real_Estate_Pro-Montrose_CO-222234/I have no argument with Home Buyer 101. That's why I said, if it makes financial sense to you, this is a great time to buy. And he/she also raises a good point about letting others run your credit report. Each inquiry can affect (i.e. lower) your credit report. You, as a consumer, can get credit information and your score without it counting against you as an inquiry. That's why I advised you check yourself on all 3 credit reporting bureaus (it will cost you about $8.00 per bureau to get your score). But you can "pre-qualify" yourself with any lender letting them know your income, debts, and credit score without them running your credit report. Any pre-qualification will be conditional upon providing documented verification and satisfying any other conditions. Keep in mind qualifying right now is a moving target as underwriters are constantly changing their criteria. Whether to accept the loan amount your given, or divide it by 2, or reduce it otherwise, is up to you. I like Buyer 101's conservative approach, however. I myself have been prequalified, and qualifed, for a lot more and chosen to do much less. I will also add that although in general terms its a great time to buy, for me personally, for various reasons, it's not.Mon, 26 Jan 2009 20:26:11 -0800http://www.trulia.com/voices/profile/Home_Buyer-Denver_CO-615080/http://www.trulia.com/voices/profile/Home_Buyer-Denver_CO-615080/Oh I do want to add that I am not a financial, real estate, personal advisor. This is only my personal opinion on a blog/forum. You should definitely read all opinions, judge what is best for you and take action.Mon, 26 Jan 2009 19:06:32 -0800http://www.trulia.com/voices/profile/Home_Buyer-Denver_CO-615080/http://www.trulia.com/voices/profile/Home_Buyer-Denver_CO-615080/The best time to buy is when its best for you. If you can afford it, you should buy. If you can't afford it, no matter how good the market is, its not the best time for you. The other thing to consider is how long you want to own the house. If you buy now and sell 6 months later, you may/may not have a loss. If you buy now and sell 5 years later, you will be in profit. What you trying to do is spotting the bottom. Even the most accomplished economists and financial gurus haven't been able to pinpoint the bottom. Someone here says by the time you spot the bottom you are out of it. So when to buy....go back to the first line. ---------- Another note: Some answer here suggests you need to get yourself prequalified. I have also read so many articles that say you need to get prequalified. But as a buyer myself, I advice to not have lenders run your credit report unneccessarily. Get your credit scores and reports. Call your checking/savings account bank. Ask to speak with the underwriter. Tell them everything about your finances and yourself except your SSN and birthdate. Ask them to give you pre-approval for max loan you would qualify for. Take that loan amount and divide it by 2. That is your limit. I am sure I am gonna get some slack from everyone but I believe this is a different strategy. All Agents are going to ask you to pre-qualify yourself. Why wouldn't they? They don't want to spend time with someone who would later get denied a loan for a house both of you spent time looking. Getting a prequalification also puts emotional pressure on first time buyers and forces you to quickly jump on a place you cant afford. An agent cannot ask you about your credit score, your salary, your savings,etc.... ------ There is never a best time to buy. There is a good time to buy. You buy when its best for you personally.Mon, 26 Jan 2009 19:00:42 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Greenwood_Village_CO-53224/http://www.trulia.com/voices/profile/Real_Estate_Pro-Greenwood_Village_CO-53224/I am glad a Local Realtor was able to Answer this Question. www.denverluxuryhomesblog.comMon, 26 Jan 2009 05:38:46 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Montrose_CO-222234/http://www.trulia.com/voices/profile/Real_Estate_Pro-Montrose_CO-222234/Joey, In my opinion, this is a fantastic time to buy, especially in the Montrose, Colorado area, if it makes financial sense in your situation. Right now, home prices remain flat, with minimal depreciation, and there is a fair amount of inventory to allow you to be choosey. And of course, interest rates are at historical lows, which gives you more buying power. Here are additional reasons I keep hearing from national and local pundits for buying now: (1) lower-priced inventory will get bought up first. As such inventory disappears, that will tend to increase the values of remaining inventory, since there is less competition, and builders are not building new homes right now, or, not as many; (2) lenders are continuing to tightnen qualification criteria (e.g., minimum credit scores), in some cases, significantly, making it harder to qualify for the loan amount you may need, or any loan amount, for that matter; and (3) interest rates may or may not see any further significant reduction in the near future, while the opposite may be true within the next 6 months to a year, which, of course, reduces your buying power. Even if they do drop some more, you can play the timing game as to when to "lock" your loan--be sure you get a savvy, attentive lender to watch the market and advise. Other reasons from my perspective is that Montrose and the Colorado Western Slope in general are some of the fastest growing areas of the country, both residentially and commercially. This area is a "destination" place that attracts residents, investors, developers, retirees, and second home owners, because of the quality of life and the fact real estate is still relatively affordable. That will change as more people relocate and buy real estate here. As long as you treat your real estate purchase as a long-term investment, it should be a good one if you buy now, since I project you will see some respectable appreciation in real estate values within the next 5 years. In the meantime, you'll enjoy the tax benefits of real estate ownership not availble to other investments, such as being able to right off mortgage interest and property taxes, (avoid or reduce capital gain tax upon sale, depending on the circumstances), and as an investment, produce income (rent) and write off depreciation. See your tax advisor for more information about these benefits. Of course, one of the most important benefits is fulfilling the dream of home ownership, having something that belongs to you to do with as you please, and not have to answer to a landlord and pay somebody else's mortgage payment. If you're serious about buying, your first step should be getting a copy of your credit report and score, I suggest from all 3 credit reporting bureaus (Transunion, Experian, and Equifax). Then, meet with a reputable, competent lender who can pre-qualify you, i.e., tell you how much of a loan you could get, which, in turn ,will tell you the maximum house you can afford to buy. You may decide to buy less. And you may discover there is some credit damage to repair that you can work on before you are ready to buy. Your next step is to team up with a competent real estate professional who can advise you as to the market and match you with appropriate prospects to see if the home of your choice exists, then guide you through the buying process once you find your perfect home. Bear in mind it could take you 6 months to get through this process, and to become familiar with the market. So, don't wait to start looking and preparing yourself to buy when the timing is right and the right house comes along. Good luck!Sun, 25 Jan 2009 09:16:48 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Venice_FL-133970/http://www.trulia.com/voices/profile/Real_Estate_Pro-Venice_FL-133970/Joey, This depends on your personal needs and the opportunity that presents itself. Our recommendation is to commit yourself to being an active buyer, seeking your "best opportunity." You will be able to recognize it when you find it. The biggest mistake you could make it to remove yourself from the "hunt." Good luck The Eckler TeamSun, 04 Jan 2009 04:45:03 -0800http://www.trulia.com/voices/profile/Both_Buyer_And_Seller-Benton_County_OR-580001/http://www.trulia.com/voices/profile/Both_Buyer_And_Seller-Benton_County_OR-580001/Joey, Phillis has given you great advice..Take the time to review why you want to buy, then move forward if that is your choice. As long as you become informed, consider the economy, your income security and ability to pay, you will make the right decision. It is your decision, so when you can answer the question you asked, then you'll be ready. Best of luck, DunesSat, 03 Jan 2009 19:53:03 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-La_Canada_CA-212039/http://www.trulia.com/voices/profile/Real_Estate_Pro-La_Canada_CA-212039/I want to purchase a home because: *I am tired of moving *I need a tax break *I want a place to call my own, one I can personalize to my taste If you don't answer yes, proceed with caution; prices ARE down, rates ARE low. BUT no one can predict the bottom of the market. By the time we hit bottom, we are on our way up. The short answer is if you are buying a home, buy when you find the right one, if you are buying real estate as an investment, proceed with caution. Even IF prices continue to decrease, they will not decrease too much more, buy when interest rates are favorable and you find the right home that you can afford. Best of luckSat, 03 Jan 2009 19:39:48 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Greenwood_Village_CO-53224/http://www.trulia.com/voices/profile/Real_Estate_Pro-Greenwood_Village_CO-53224/That is a good Question. Since no Realtor has a Crystal Ball so there is no answer to this Question. You should seek out a Local Expert and consult them on this. A local Realtor will be intune with the local area and help you the most. You need to go with your gut feeling. www.soldbyburke.comSat, 03 Jan 2009 06:56:52 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Denver_CO-238433/http://www.trulia.com/voices/profile/Real_Estate_Pro-Denver_CO-238433/That's quite a question! Realtors can give you all of the information you need to see what's happening now, what's happened in the last 3 mths, 6 mth etc. A Realtor who has lived in the area for a long time could tell you what's happened over the years in the area. A Realtor can tell you what is in the plans for the area but then you have to take all that information and make your best guess as to what will happen in the future. Add in all of the things going on in the country with peoples investments, jobs and politics and who knows what's next. I spend major amounts of time in the Colorado mountains, much of it around Blue Mesa and surrounding towns. Prices seem to keep getting higher year after year, it's one of those if only I would have bought when I was young type of things. I doubt you could ever make a bad investment in Montrose. Alan's right there in Montrose, you should give him a call or call another local Realtor.Fri, 02 Jan 2009 16:59:21 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Dallas_TX-123371/http://www.trulia.com/voices/profile/Real_Estate_Pro-Dallas_TX-123371/You receive annual tax benefits. Why wait if you can qualify interest rates are low locate a home below market with equity, It takes approx. 60 days - or + locate a home. You make the landlord richer everyday. In the months April - July are busy buyers months when families are searching to move. Not many buyers are searching now during slow months.Fri, 02 Jan 2009 15:31:11 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Montrose_CO-155771/http://www.trulia.com/voices/profile/Real_Estate_Pro-Montrose_CO-155771/If you are buying a home to live in it for the next few years then now is the time to buy. House prices in Montrose are not going to drop by very much if at all in my opinion, the average price of a home has only dropped by $3000 over this time last year. Interest rates are at 37 year lows with a 30 year fixed rate currently at 5%. 5 years from now home prices will be considerably higher than they are today. Waiting isn't going to gain you anything in the long run.Fri, 02 Jan 2009 14:40:21 -0800