I know there are talks about a recession and the market is so crazy, but is now a good time to buy a house? And if so, how do you think the market will be in a years time, will I be able to sell it and not take a loss? Just looking to do a flip, not to live in, but a little scared to make the big move.
missexcited
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Re: Time to buy a house or hold onto my money?
I say get in on the great prices out there now
TJ22908
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Re: Time to buy a house or hold onto my money?
From what I understand its a good time to buy put not to sell
bluekat16
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Re: Time to buy a house or hold onto my money?
If you are looking to flip within a year I reccomend you not do it.
1 - We have a 13 month surplus in homes currently from what I've heard. 2 - You might just breakeven or take a very slight gain. Especially if you have to renovate a home.
Just watch the market very carefully. A lot of builders and building equipment (like CATERPILLAR) have had fall-off's in their U.S. profits due to the slowing down of the market.
Go with you gut also....cliche but very true.
Hope this helps...
Espo22
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Re: Time to buy a house or hold onto my money?
prices dropped ALOT so its great time to buy...S*cks for ppl who are selling bc theyre going to sell it for less than they couldve gotten it
bluekat16
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Re: Time to buy a house or hold onto my money?
Just one ammendment to my last comment.
if you aren't going to flip and plan on living in the house go ahead and buy. Flipping the property is what will complicate it.
ks26
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Re: Time to buy a house or hold onto my money?
If you're looking to do a flip now wouldn't be the best of time because you'll buy at a good price but it you want to sell right away for one you may not get such a great selling price and also, you may not be able to sell as quickly as you would like to. If you want to hold it for a while, now would be a good time to buy.
MEMEJOR
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Re: Time to buy a house or hold onto my money?
Right now is the time to buy buy buy... u should hold onto it and rent it until the market turns around
Future Mulligan
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Re: Time to buy a house or hold onto my money?
i read the other day that prices are going to continue to drop into 2009 and interest rates will still be at a low - i would guess that housing prices arent going to go up for awhile - you'd probably have to buy now and hold on to the property for at least a few years to make any money on it....its a really bad time for sellers now....
Maria31
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Re: Time to buy a house or hold onto my money?
Now is a great time to buy a home to live in, but not to flip. You will have an extremely tough time selling it after you fix it up and most likely won't make a profit unless you hold on to it for a while. I say wait. GL!
acsm
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Re: Time to buy a house or hold onto my money?
dont buy to flip... buy to live in only at this point... this is not the market for that.. it is very risky and it'll take awhile before the market turns for you to make a good profit on the flip.. unfortunately those days passed for now.. 2005 was a good for it.. not now though...
you can buy and try to rent but the renters market is tough in certain areas as well.. so research well before you take the risk.. there is a lot of inventory out there..
TrueLoveIn2008
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Re: Time to buy a house or hold onto my money?
Posted by Future Mulligan
i read the other day that prices are going to continue to drop into 2009 and interest rates will still be at a low - i would guess that housing prices arent going to go up for awhile - you'd probably have to buy now and hold on to the property for at least a few years to make any money on it....its a really bad time for sellers now....
this is good news for me because we plan to buy in 2009!!! one year after the wedding, so fall 2009, but if we see prices going up and we can afford it in summer, we will. we are buying in nh and don't want to move until we are married a year, but maybe we would go a little sooner ....
Lizza_uws
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Re: Time to buy a house or hold onto my money?
From what I know in New York....You will have to hold on to the property for at least two years before you sell it. If you sell it for less than 2 years of ownership, you will be taxed on capital gains. Flipping and selling it right away in NY is not recommended. Its a buyer's market now...but do your research before getting into it.
MrsS4
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Re: Time to buy a house or hold onto my money?
buy now-- or within the year-- prices will continue to go down-- check the other house searching thread-- a lot of info in there--
hth
Munchkn16
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Re: Time to buy a house or hold onto my money?
we bought and got a good deal on our house; five years ago, the same house was going for 35k more than what we paid. inthe past eight months, we know four other couples that bought houses or condos for the same reason.
alissa5517
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Re: Time to buy a house or hold onto my money?
It depends on how long you plan on holding on to it for and how cheap you buy for.
Houses probably wont go back up till at least the middle to end of next year if that.
Cpt2007
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Re: Time to buy a house or hold onto my money?
agree with the others. now is not the time to flip a home. good time to buy to live in it and do a 30 yr mortgage if you can do it, but not to flip. You'd have to wait more than a year to be able to turn a profit most likely.
JennNicole
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Re: Time to buy a house or hold onto my money?
Having a sister n law in the loan buisness your best bet is to Buy now or within a years time. The window will most probably close within 1 yr and change for this opp.
Don't even consider selling or flipping for atleast 2 years. If you can do this , and hang on for sometime and watch how thing progress I imagine you will have a profit sooner or later.
If this is not a plan you can consider Don't bother and put it into a Money Market.
Good Luck.
FutureMrsLehmann
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Re: Time to buy a house or hold onto my money?
buying now is a good idea...flipping a house is NOT. people can't get their houses sold so you might be holding onto that house for a while (meaning paying taxes, mortgage on it for a long time)
mrsdraskin2009
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Re: Time to buy a house or hold onto my money?
Long Island is not the place to do a flip with the market the way it is right now.
You can't buy the houses cheap enough and then remodel and resell them for a decent price. The housing market is very rough right now...you will most likely sit on the house for a long time right now and lose money in the end.
My FH and his friend have flipped houses, but none on LI...the market just doesn't allow for that rightnow.
