Jeff Ranta

'I like to not read the responses until I respond...then compare. In this case, I am willing to bet that ALL of the responses are....BUY!'

I rest my case. - Thu Jul 10 2008, 13:06

I honestly can't tell in your first post if your are agreeing with me or not but I guess since I don't have an 'informed opinion' I guess it is the latter.

So tell me JR, which is better 250k @ 6% or 230k @ 7%.

Personally I hope interest rates rise so homes will be cheaper. Higher rates, less buying power, the lower houses prices will be. Bring on the 10% rates! - Wed Jul 2 2008, 11:55

Banks are collapsing, the economy is tanking, there are no more neg-am, liar, interest only, no-doc loans available and suddenly in a couple months the housing market is just going to rebound just like that? You're dreaming. I swear that Realtor's are all zombies brainwashed by the NAR...'Buy now....or be priced out forever....buy now...its a great time to buy...buy now...' Is that all you guys say?

The height of the foreclosures are just starting so unless the gov steps in and stops all the foreclosures or one of the class action lawsuits against the banks for creating this mortgage disaster actually succeeds then were in for a rough ride for quite a long time.

And thanks for quoting Money Magazine and NAR, that gave me quite a laugh.

Just to recap Lower Prices > Lower Interest Rate.

Also, if and when we reach the bottom, it is not going to shoot straight up like it did in the bubble years. It will stay flat for a long while or rise with inflation so don't worry about catching it at just the right moment. - Wed Jul 2 2008, 04:26

'I would recommend buying a home while the interest is low. While you are waiting for the home prices to go down, interest rate can go up and home prices may start going up. Home is an investment but also a place to call a home. If you are planning on living in your home for at least next fieve years and you are ready emotionally and financially then it is a good time to buy. Rates and the home prices are great right now. Take advantage of it now. Even if the home prices go down some more, if the rates go up, then you are where you started from. NO WHERE!!!'

All I heard was, 'Buy now or be priced out forever!' Ridiculous. - Wed Jun 25 2008, 22:44

Like John said, it's better to wait for lower house prices. Rates will change down the road, the price you paid won't. And I don't know if you've seen any of the housing graphs, but were in a very steep downward trend. It's not going to all of the sudden stop and go flat or even rise for quite a bit. - Wed Jun 25 2008, 22:00

Sorry to be the bearer of bad news but any way I calculate it, $1,500 a month will only get you about $200k of home. Unless you are going to do some weird interest only or adjustable rate mortgage which I don't think are good options.

And Folsom is not a cheap area and you will be hard pressed to find a decent property for that much. I would suggest looking in Orangevale in the range of 175-200k.

Since everyone else is pimping out their loan office I will to: Dan Tharp - Vitek Mortage @ (530) 753-7644 Ext 305. He's awesome, and this is coming from a buyer, not a real estate agent. - Sun May 11 2008, 12:10

Therein lies the problem, all the agents that I would love to work with, work for the same company that are listing at least some or most of the properties that I am looking at. I won't name names but the company starts with 'L'. =) - Thu Apr 24 2008, 11:15

Thank you for all your responses. The problem is I have found a perfect house for me, it looks well maintainted and the price is right, maybe a pretty good price for the condition of the house. I don't think it would fail any inspections and I don't mind waiting even a couple months if the deal would close. As for financing, yes unfortunately(at least for this situation) I am trying for a FHA loan as I am a first time home buyer trying to buy a house on my own. - Thu Apr 24 2008, 11:10