Foreclosure in 37043>Question Details

Mike Warner, Other/Just Looking in 37043

Is it smart to buy in a down market?

Asked by Mike Warner, 37043 Thu Sep 27, 2007

Help the community by answering this question:

Answers

18
It is a great time to buy, you have the pick of the litter. Take your time, do your homework and select the best home for your money. This does not mean you can come and low ball all the sellers, remember they dont plan to give ther home away either.
1 vote Thank Flag Link Fri Apr 18, 2008
Mike, the time is ripe to buy a home in the Clarksville Tennessee area. There are so many great properties available and the interests rates are still low.

Regards

Tim Cash
Crye-Leike
0 votes Thank Flag Link Sat Oct 11, 2008
You do realize this question was originally asked a YEAR ago, right?

Hopefully this person didn't take any of the advice he was given last year (and continues to get today)
0 votes Thank Flag Link Mon Oct 6, 2008
It is a great time to buy as long as you plan to keep for a while. Buying low is smart. There are many bargains just sitting right now. Check with a reliable Real Estate agent. They can walk you through the process.
0 votes Thank Flag Link Mon Oct 6, 2008
As an investment I was taught:
1. Always invest for the long term.
2. Buy on the way down, you can never pick a bottom
3.Sell on the way up, you can never pick a top
4. Remember rule # 1
0 votes Thank Flag Link Mon Oct 6, 2008
ABSOLUTELY! Buy Low & Sell High. This is the best advice out there. Prices are lower than you can possibly imagine. I sell foreclosures every day and see people get discounts up to 80% off the last market sale. Call on me today & I will show you how. bru@atlprime.com
Web Reference: http://www.atlprime.com
0 votes Thank Flag Link Mon Oct 6, 2008
I would not buy unless I thought I would not need to sell for two years. I think the prices have dropped in most areas and it would give you the tax advanatges and the pride of home ownership most enjoy, my buyers have been getting some great properties and prices. If you want to buy a home paint and carpet and sell it in a few months at a profit this is not the right market for you.
Web Reference: Http://www.MIchaelRicks.com
0 votes Thank Flag Link Sun Oct 7, 2007
If you need a home, it's always a good time to buy. Hire a Buyer's Agent to represent you, however. We are in a correcting market and they can supply you with all the necessary data available to get the right price.
0 votes Thank Flag Link Sun Oct 7, 2007
Mike Yes, its smart to buy the RIGHT property in a down market. Your Real Estate Broker can coach you on that. Just like buying the right stock in a down market. Buy low, sell high!!

Good luck, this is a great time to acquire real estate!
0 votes Thank Flag Link Sat Sep 29, 2007
Absolutely a great time to buy! As they say in the trading market....buy low and sell high.

There are some fantastic buys out there right now and seize the moment.
0 votes Thank Flag Link Sat Sep 29, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
MVP'08
Contact
You've heard it said several times, but again, yes. The real estate market does have periodic downturns, like we're seeing, but the overall trend has been consistently up over time. You're making an investment and you want to buy below market value to get the most out of your investment in the long run. Do your homework. And take advantage of the many great opportunities out there.
Web Reference: http://homenashvilletn.com
0 votes Thank Flag Link Sat Sep 29, 2007
Mike,

Buy Low sell High, the basis for good business since the day. People need homes you buy hold and rent. Wait for the market to come back and voila!!
Web Reference: http://www.TeamRenton.com
0 votes Thank Flag Link Fri Sep 28, 2007
It is smart to buy in a down market if you are looking to upgrade. The old saying "the bigger they are, the harder they fall" is appropriate in the real estate market. While you may not be able to command as much as you wanted for your home, chances are the house that was 150K more than yours is now only 100K more. So even if you were to say accept 25K less than you wanted, you still would be ahead by 25K by upgrading in a down market. Of course, now it all depends on how financially sound you are, how good your credit is, and what kind of equity you have in your current home. If you are looking at foreclosures, make sure you are working with an experienced buyer agent because foreclosures and short sales can get very hairy.
0 votes Thank Flag Link Thu Sep 27, 2007
It's almost like dollar cost averaging into securities and stocks. If you are a consistent investor then this market is a great opportunity to get more for cheaper dollars today. If you feel the market is still correcting then factor this into your offering price. In our area we are seeing values unheard of in years. My only caveat in this market is to try and get the BEST neighborhood for the cheapest price. Many folks are jumping on REO's and "Short-Sales" but buying in neighborhood where this is prevalent could see further deterioration of the marketplace in that neighborhood. I would look for a "Short-Sale" in a great neighborhood as the chances of this recurring will not be as much as the other areas. However, if you're an investor and go by the "deal" then head on. Just be aware of the neighborhood--Location, Location,Location. Besides, I just got an interest rate update from a lender I use and we are at 6.25% for 1 point!! Such great rates!! And if you are a fist time home buyer there are super programs for you to afford a home today. Just stay with the big boys: BofA, CountryWide,Wachovia, Washington Mutual as they got the money but don't forget your local credit union!! In California they can make or break a deal.
0 votes Thank Flag Link Thu Sep 27, 2007
It seems like a great time to buy but check out this article from Realty Times. I explains that it is always good to buy when the market slows and sellers are more willing to bargain, but there is still some risk. The market could continue to fall.

Chris
0 votes Thank Flag Link Thu Sep 27, 2007
If there was ever a time to buy, now would be the time. In todays market with all the foreclosures, the time is to buy. But only buy right. At the right price, right location, especially if you are buying a rental property. You probably see that the only people that are complaining about the market is the ones that are having a tough time paying their mortgage. They are trying to get out of the market and the investors are getting in.

Buy low and sell high. You've heard it. And you'll hear it again and again.
0 votes Thank Flag Link Thu Sep 27, 2007
Just like the stock market - it's always good to sell when it's high and buy when it's low... the "it" is really relative to what you want.

In a soft market you already know you have to sit on your investment. Is it smart? Well, what rate of return will you want and how long can you wait? I'd look at the historical numbers in the area you are interested in buying.

What appreciation did they experience in the best of times? The worst of times? What market do you intend on buying in - upscale, middle, or first home ranges?

So - yes it's smart to buy - but it's smarter to do the homework and know what you are looking to gain.
0 votes Thank Flag Link Thu Sep 27, 2007
There is o simple yes or no answer.
edjucated yourself about the area and if it has potential to come back soon or will it always be the "last"
In general, it is a great time to buy right now.
but rule #1 location, location, location
0 votes Thank Flag Link Thu Sep 27, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer