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Is now a good time to buy a house?

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Hi Everyone! We have our 20% down payment and credit scores of 820 and 840 so we have been preapproved for a mortgage.

In Brooklyn, NY one family homes are about $700,000. Is now a good time to buy a house? Or should we wait and let the market knock down the price?

Any predictions or thoughts?

I live on the West Coast, so I'm not sure about the East Coast, but it doesn't look to me like the market is going to rebound here anytime soon. My guess (and it's strictly that) is that prices will still drop further before they start rising.

Sub: #1 posted on Sat, 08/23/2008 - 10:07

alias1958 alias1958

(Posts: 1230 | Credits: )

NY City area is one of the markets that has been holding steady. Yes, prices have dropped there over the last year or so, but not significantly.

I would talk to a RE Agent and ask them to give you comparisons - called comps - to see how others have recently sold. If you see a trend of prices decreasing steadily (which I doubt b/c it's NYC area) then you might want to wait.

I'll bet that you'll see prices holding fairly steady.

You say you already have the down payment, your scores are great and you have already been approved! That puts you in the drivers seat to negotiate a price when you see a house you like. Don't be afraid to negotiate aggressively. You might find a house that the seller really needs to sell and could benefit from the opportunity!

I would take your time finding something you really love! $700,000 is alot of money!

On the flip side, if your mortgage, taxes and insurance will end up costing alot more than renting, from an investment standpoint, you might want to consider renting and invest the difference.

You might want to talk to a financial planner.

Best of luck to you!

Sub: #2 posted on Sat, 08/23/2008 - 10:39

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: )

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