If you are a renter right now, why haven't you chosen to buy?

Asked by Jill Gelinas, 03234 Mon Jan 25, 2010

With the government credits ,low prices and interest rates you could own for less than you are renting. Tell me why you've chosen to remain renters? Whether it's poor credit...no down payment...just scared...can't find a home you like???whatever the answer, I am just interested and would like to help if you would like to get into a home.

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Scott Godzyk, Agent, Manchester, NH
Tue Jan 26, 2010
If any person wants to become a buyer instead of a renter, their first step needs to be to contact a local and trusted mortgage broker for a free pre-quailification. If you do not know any mortgage brokers you should ask family and coworkers for referrals, you can email me if you would like the names of a couple of great mortgage brokers, but please do not use online companies. Once you get prequailifies you will know whether you can or can not obtain a mortgage, if you can not, they should be bale to tell you what you have to do to be able to obtain a mortgage. As far as buying in this market there are lots of variables. It depends what city or town you are interested in, even what neighborhood within that city or town and what type of property and what price range you are looking in. While homes needing lots of work continue to free fall, homes in good condition and under $249,900 are remaining steady. The key is to find a property that suits your needs and is priced at or below market value. If you can do that, you should be ok buying right now. There are incredible deals right now as the amount of buyers has decreased as it is winter afterall and buyers always decrease this time of year no matter the economy. No one knows what the spring will bring, eventually interest rates will go up so now you can get them at their lowest point. Foreclosures will continue, the banks have slowed their pace so not to flood the market, they will continue this policy which is causing new foreclosures to be in worse shape than those of even a year ago, as the owners are not paying the upkeep on them as they know it eventually will go to foreclosure. So yes now is teh time if your finances are secure, if you find something that suits your needs and you are getting it at or below market value.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Ken Lambert, , Exeter, NH
Tue Jan 26, 2010
Hello everyone. Anyone in the mortgage or RE field will tell you that there are no guarantees of anything. I can preapprove someone and give them a good idea of whether they'll be able to close or not, but there is no given. Its certainly true that underwriting and appraisals have gotten more stringent in the last 18 months.

But, it takes 10 minutes for me to get a picture of your scenario, and at no cost to any potential buyer.

Maybe Dan is a cash buyer, and if so- then maybe he is correct that home prices may still go down a little bit. But for mortgage customers, now is a key time to buy- as mortgage rates will surely go up in the next 2-3 months. That's all over the news.
If rates go up, that combats the advantage of home prices falling.

If I can be of any help, please let me know. Thanks and good luck,
Ken L.
0 votes
Jill Gelinas, , 03234
Mon Jan 25, 2010
You may be able to be pre-approved. It costs nothing to find out. Contact me and I can help you get pre-qualified. You are certainly under no obligation. Also look into buyer seminars, my office is having one this Thursday at 5:30-7:30. Don't have to be there the entire time.Just come for information and pizza,,,,yum. We will have a mortgage banker there who can pre-approve you if you are interested. If not, do find out on your own as there are so many great programs right now...even one with no money down. Let me know if I can help in any way. Thanx, Jill 603-545-1957
0 votes
Dan Chase, Home Buyer, Texas City, TX
Mon Jan 25, 2010
I know prices have a lot more to drop.

Low interest rates mean prices will go lower as interest rates rise without increasing incomes. At 10% unemployment, (some say 17% really) incomes are not going to rise enough to make house prices able to go up. Add in tougher appraisals and tighter lending standards I only see prices dropping.

We have not even discussed the coming foreclosures yet. Those alone will bring much lower prices.

I know that if a house sold for $100k in 1998 and it is now being sold for $200k it is at least $70k overpriced. We had about 30% inflation since 1998.
The $100k house should not cost more than $130k now.

Housing prices to incomes is out of whack with historic norms. The bubble still needs further deflating.

I have been priced out of buying for about a decade. With falling prices and intense saving all during that time and before, When I buy it will be cash. If not, I will not buy.

I am not scared, I am no longer priced out as I was. I simply refuse to overpay for anything if I can wait awhile and get it cheaper.
0 votes
April Godbout, Home Buyer, Concord, NH
Mon Jan 25, 2010
Because I am not sure I can get a loan. If I could be guarenteed a loan, my husband and I would buy.
0 votes
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