So what am i suppost to wait for the bubble to burst????

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Posted by CKJ906

EXACTLY!!! You could not have said it better!!
There is never a good time or bad time to buy!

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There are only good or bad WAYS to buy.

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Posted by Preshy7

honestly. just buy, you will NEVER go wrong with a home investment. NEVER. may parents house stayed at the same price for 15 years - now its worth so much more. just buy it. its great to own something.

i bought in april. its hard but well worth it.
in the tri state area, there will be no bubble burst. however, mortgage rates will go up.
they are already indicating greenspan will raise prime again.

if the home prices go down, the interest rates will rise and in the end, its all the same! so buy!

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i COMPLETELY agree. IMO, the best time to buy is when you are financially and emotionally ready and have found a house that you LOVE.

the economy will predict the future, NOT inside sources.

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Posted by Beth1210

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I know you probably mean no harm but please dont keep saying its not the smart thing to do etc becasue some of us have purchased homes already for whatever reason. It can be taken as offensive to some. JMHO

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I am sorry if anyone took offense to this- but being that I have inside information from not only my FH but others in the industry- I thought I would give some advice

I am sure your home is lovely- and I hope you didn't over pay- but I am entitled to give my information just as you are yours

if my FH said that now is a great time to buy- I would tell everyone that also

like I said in my other posting- I am happy that you are happy with you house-

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Just to clarify I agree that everyone is entitled to give their opinion..and for the record I never said you couldnt.

I wonder if the bubble would burst slightly pre-Katrina, but now I'm reading interest rates could go down next year?

http://www.bankrate.com/brm/news/bank/20050916b1.asp

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Posted by DjPiLL

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Posted by myasmom

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Posted by Beth1210

we decided to wait a year also- it's not the end of the world

let's say you bought something now- and next year the prices drop by $50K or more besides sucking .....

it can seriously affect you mortage, ability to refinace, resell- etc

I am marrying an owner of a mortgage company- do you know how many people ask me why we rent still??

but it doesn't make sense to over pay

we can more then afford to buy- even at these prices- but it's not the smart thing to do

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I know you probably mean no harm but please dont keep saying its not the smart thing to do etc becasue some of us have purchased homes already for whatever reason. It can be taken as offensive to some. JMHO

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As much as I am in agreement with you that I feel its still 'the right time' to buy. You can't expect someone to NOT voice their opinion.

If someone says its not the right time to buy... I simply give them the reasons why it is. I am not offended by any means.


My reasons to buy:

- Interest rates are currently low (GREAT time to lock in a nice 30yr fixed rate and just SIT on your property for 5-10 years)

- People has been predicting the 'bubble' would burst back in 2002. Hasn't happened yet. Those people are now regretting bigtime they didn't buy back in 2002-2003. I bought then and am making 50% profit. Don't think its going to happen. I'll agree the days of 30% yearly profits are over. But there won't be any 'bubble'. I really think its hogwash.

- Intrest rates will REMAIN low (you will not see rates 7% or higher for at least another two years minimum)

- The government will be really HOT to rebuild New Orleans. This will keep interest rates low. What incentive do they have to rebuild if rates jump to 7-8%. Greenspan will never allow this to happen.

- And the worst case senario... lets say the interest rates jump to 8% like they did in 2000. You simply just DON'T SELL and wait it out. Those that locked in at 5% for 30yr fixed are sitting pretty with their low monthly payments. Those that did IO loans or ARMS will get screwed.

So... anyone doing any sort of ARM mortgage, or interest only, or 100% financing... i don't agree with that.

But if you have money to put down (10-20%)... there are buys to be had.

I bought a house in a nice part of Nassau county... very good schools... taxes are under 6k with the STAR... house price was under 400k for 3br/2bths. Thats still a very good deal regardless of a bubble or inflated prices.

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That is awsome. I think we got a good deal too...We paid 410 and were able to get w/t star taxes under 5k so we jumped on it.

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Posted by violet

I wonder if the bubble would burst slightly pre-Katrina, but now I'm reading interest rates could go down next year?

http://www.bankrate.com/brm/news/bank/20050916b1.asp

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I think it will. Katrina will affect all in one way or another.

Katrina will also push the cost of new construction homes up.

New construction prices are going to go up b/c they were already competing for supplies and labor with Sri Lanka now they will have to compete with New Orleans.