Hey ladies....DH and I are having a hard time deciding if we should stay in our 1 bedroom apartment another year and save or try to buy something now while the market is bad.
What did you guys do?
Trishthedish
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Re: Stay or go??
My DH and I were already living together before we got engaged. We purchased a condo 3 years ago. We are waiting till spring 2008 to purchase a home only b/c we have some credit card debt to pay off before we get into a house.
I keep hearing that the home prices are supposed to come down even more in 2008 but then I hear the market will go back up. In all honesty, if we had just gotten married and did not own a condo and were ready to buy (no credit card debt), I would definitely start looking now.
In my opinion, there is only so much money you can save up in a year as a downpayment. $10,000 really doesn't change a monthly mortgage payment all that much.
That's just my opinion though.
qtdimps23
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Re: Stay or go??
Posted by PreshusSmurf
we've figured out what we think we can afford in monthly payments (mortgage + taxes) and are going to try living as though that extra money is spent (while putting it into savings at the same time). its a tip i learned from watching a suze orman show a while ago.
I do that too!! Corinne told me about that from Suze Orman. she swears by her.
Mich0621
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Re: Stay or go??
If you don't have enough saved, a lawyer/economist told me rent and save too. I spoke to another lawyer today who did 2 foreclosures...IN ONE AFTERNOON! With the fall out of the sub prime mortgage market, it is only going to get much worse. LI is a bubble, and it will pop. Save as much as you can and wait it out.
We are owners in Boca and rent here. We are waiting to take some equity out of there when the market really falls to sh*t and then buy. If you can buy, it is always great to own, but many people I spoke to said that with the war in Iraq and the economy and the fact that next year is an election year, the LI bubble should burst quickly.
JMO, but I would save and re-assess your situation in 6 months. This way, you can also build credit and have a nice down payment, because you don't want a huge mortgage every month. Considering many lawyers I speak to told me that there are more foreclosures each day, I think you can wait safely and really get something nice.
Mich0621
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Re: Stay or go??
Oh, also, you can get a list of foreclosures all over the county at a Town Hall in the county you are looking to buy. It is another option (if you can swing it)-just another idea. We were considering it. It is amazing and you can find nice things (a lot of people lost their homes with the sub prime market disaster).
jtgarsik
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Re: Stay or go??
if u have the money to buy a house - then by all means go for it...but if u're gonna be strapped - then i'd say save & enjoy being comfortable for now....u don't NEED to buy right now. but like i said - if u can afford then of course....DH & i could've gotten 100% financing..but we know we would've been absolutely dirt broke, and we would've been living for our home. didn't wanna do that. i'm perfectly happy & content in our adorable apartment
jtgarsik
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Re: Stay or go??
Posted by qtdimps23
Posted by PreshusSmurf
we've figured out what we think we can afford in monthly payments (mortgage + taxes) and are going to try living as though that extra money is spent (while putting it into savings at the same time). its a tip i learned from watching a suze orman show a while ago.
I do that too!! Corinne told me about that from Suze Orman. she swears by her.
what an awesome idea!
dancerandchef
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Re: Stay or go??
We are living at my moms house right now. We really want a place of our own. Even if it is an apartment. Hopefully 2008 is the year.
