Comments on: Is Now a Good Time to Buy a Home, or Not? http://wealthpilgrim.com/is-it-a-good-time-to-buy-a-home/ WealthPilgrim.com -No Money Worries. No Matter What. Tue, 22 May 2012 13:10:32 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Squirrelers http://wealthpilgrim.com/is-it-a-good-time-to-buy-a-home/#comment-5591 Squirrelers Sat, 26 Jun 2010 17:33:29 +0000 http://wealthpilgrim.com/?p=15141#comment-5591 I think that while it's certainly a much better time to buy now than it was a few years ago - obviously - it's not the best time. That time is yet to come, in my opinion. There are differences between markets, but from what I can see here in the Chicago area, homes are on the market for quite a while, and are seeing regular price decreases. I have monitored several micro-markets in this area, and see this trend continuing. There is a lot of supply, and a lot of people dealing with their own properites dropping in value or with job instability. From talking to friends in different parts of the country who have shared specific stories with me, it appears to be happening in many places. I would suspect that prices, on average, may drift lower in the short term. The best time to buy may yet be ahead. I think that while it’s certainly a much better time to buy now than it was a few years ago – obviously – it’s not the best time. That time is yet to come, in my opinion.

There are differences between markets, but from what I can see here in the Chicago area, homes are on the market for quite a while, and are seeing regular price decreases. I have monitored several micro-markets in this area, and see this trend continuing. There is a lot of supply, and a lot of people dealing with their own properites dropping in value or with job instability. From talking to friends in different parts of the country who have shared specific stories with me, it appears to be happening in many places.

I would suspect that prices, on average, may drift lower in the short term. The best time to buy may yet be ahead.

]]> By: Financial Samurai http://wealthpilgrim.com/is-it-a-good-time-to-buy-a-home/#comment-5587 Financial Samurai Sat, 26 Jun 2010 13:10:12 +0000 http://wealthpilgrim.com/?p=15141#comment-5587 It's a freaking unbelievable time to buy a home, and I'm not a realtor! Damn, that's a good blog title, I think I'll go write that now. :) Seriously, I'm so pumped about real estate now, I'm building the rental portfolio as we speak. Cheers mate! Sam It’s a freaking unbelievable time to buy a home, and I’m not a realtor! Damn, that’s a good blog title, I think I’ll go write that now. :)

Seriously, I’m so pumped about real estate now, I’m building the rental portfolio as we speak.

Cheers mate!

Sam

]]> By: IntelligentSpeculator http://wealthpilgrim.com/is-it-a-good-time-to-buy-a-home/#comment-5584 IntelligentSpeculator Sat, 26 Jun 2010 11:55:59 +0000 http://wealthpilgrim.com/?p=15141#comment-5584 Many thanks for the link! And yes I agree, it's not as obvious as we might think and unfortunately a double dip is very possible. Many thanks for the link!

And yes I agree, it’s not as obvious as we might think and unfortunately a double dip is very possible.

]]> By: Financial Bondage http://wealthpilgrim.com/is-it-a-good-time-to-buy-a-home/#comment-5586 Financial Bondage Sat, 26 Jun 2010 11:16:39 +0000 http://wealthpilgrim.com/?p=15141#comment-5586 Could be a good time to buy... if.... -You are debt free. -You have 6 months living expenses saved for emergencies. -You have 20% down payment saved for the purchase (in addition to the emergency fund). -You don't buy a home that is too expensive for your budget. -You are buying the home as a place to live, NOT as something you hope will increase in value and make you money. Could be a good time to buy… if….

-You are debt free.
-You have 6 months living expenses saved for emergencies.
-You have 20% down payment saved for the purchase (in addition to the emergency fund).
-You don’t buy a home that is too expensive for your budget.
-You are buying the home as a place to live, NOT as something you hope will increase in value and make you money.

]]> By: FinEngr http://wealthpilgrim.com/is-it-a-good-time-to-buy-a-home/#comment-5581 FinEngr Sat, 26 Jun 2010 09:39:11 +0000 http://wealthpilgrim.com/?p=15141#comment-5581 Found through MoneyFunk RT - great article. The whole delay (like thunder/lightning) is key. Two problems - time span & psychology. 1.) Most people are thinking in months (thanks quarterly projections), when we could be looking at years! 2.) Since people are stuck in these short time spans, if they missed the "first" go-round - then they're probably more likely to pull the trigger the "second" time. As David brings up, for some its more a lifestyle choice than an investment choice and more important to live in a home when they can afford it vs. when they could get higher potential returns. Found through MoneyFunk RT – great article.

The whole delay (like thunder/lightning) is key. Two problems – time span & psychology.

1.) Most people are thinking in months (thanks quarterly projections), when we could be looking at years!

2.) Since people are stuck in these short time spans, if they missed the “first” go-round – then they’re probably more likely to pull the trigger the “second” time.

As David brings up, for some its more a lifestyle choice than an investment choice and more important to live in a home when they can afford it vs. when they could get higher potential returns.

]]>