ECON Is now a good time to purchase a home?

Truthsearch

Truthsearch

Doom is ALWAYS 6 Months Away...
Heya all,
With all that is going on in the economy right now it can be hard to make long term decisions. What does everyone think about the real estate market right now? Specially if it is a good time to purchase an “average” family home for a family? Should we wait 2-3 years or purchase sometime sooner? About $7000 is our down payment. Thanks
 
W

WalknTrot

Veteran Member
Interest rates are not likely to get any lower, and with all of the Federal give-a-ways, it's likely to trigger inflation down the road...meaning higher interest on mortgages.

I see locally a big demand for people moving more suburban and rural. Nothing stays on the market long - so If you want to buy, get pre-approved and be prepared to move quickly.

My main piece of advice would be to not buy anything so expensive that you couldn't handle the payments + monthly expenses on one income and savings if you are married with two incomes, or on unemployment and savings if you are single.
 
F

Faroe

Un-spun
Also, budget for MUCH higher property taxes. If you get a loan only risking $7000 of your own, shrug - it's not that much to loose. Rent could piss that away just as quickly.

I would look for unimproved land (owner financed note), in an area w/o building codes, and put a cheap trailer on it, but that's me. I'm VERY pessimistic about the future.
 
SouthernBreeze

SouthernBreeze

Has No Life - Lives on TB
The less amount of debt one has going into the future, the better. Our economy is going downhill, and fast. I don't see anything in the near future that's going to change that.
 
SSTemplar

SSTemplar

Veteran Member
The best time to by a house is when you want to or by the time you turn 30. Which ever comes first.
 
Grumphau

Grumphau

Veteran Member
We are in the market for buying some property and made the decision to wait until October to start looking seriously, in case there are foreclosures or price decreases.
 
Panner

Panner

Veteran Member
Around here in S. Utah home prices are still going up due to people getting out of the commie states. Just make sure you can make the payments if buying. Rents around here continue to climb. One thing to remember about property taxes is if are renting, your rent will go up about the same as a property tax increase. Landlords are not going to eat the property tax increase.
 
SAR01

SAR01

Social ButterFly
here is Ohio prices are high and as soon as property goes on the market it already has pending! or contingent!


I've been looking since Dan passed away .. to down size and find something I could take care of as I inch closer to the 70's...... and so far the ones I really would think about are gone soon as they hit the market. so many people are buying now. just FWIW
 
Hfcomms

Hfcomms

EN66iq
Everyone needs a place to live but you would be buying at the top of the market just before an economic collapse with real estate values soon to tank. Lots of sellers and no buyers. Better off to rent right now IMO and save your powder until after home prices go way down. With all the foreclosures and evictions it should be a buyers market in another year or two.
 
TKO

TKO

Veteran Member
Truthsearch said:
Heya all,
With all that is going on in the economy right now it can be hard to make long term decisions. What does everyone think about the real estate market right now? Specially if it is a good time to purchase an “average” family home for a family? Should we wait 2-3 years or purchase sometime sooner? About $7000 is our down payment. Thanks
Click to expand...
I think it is a good time to buy a home...depending on where you are. If you are in my area, the prices are rising super fast as Chicongo, Californication, New Yoik, New Joisey, Merryland, and ole Virginny move in. Here, the time to sell is now. Buying...you'll be up against big competition. So, it depends on where you are. Interest rates are good. If I were in the market for a home now, I'd be buying now. Don't listen to doomers on the site. They were predicting the economy collapse, and the Lord coming, since Obama's election.
 
sierra don

sierra don

Veteran Member
Not a good time to buy in north Idaho and probably the same in the southern part of the state. Prices are high due to extreme demand from people trying to escape the commie states. From what I have read on the City Data Idaho forum is that RV campsites in the Sandpoint area are full of people from Washington, commiefornia and Oregon house hunting.

According to Zillow as of last week there were 218 properties available in Bonner County Idaho. There are 2 properties over the hill from me that are going for $495K. When I bought my property in 2015 those places might have been worth $250K to $275K if even that. My place has gone up almost $100K since I bought it, took 22 years for my value to increase that much on my old house.

I've had Coldwell Banker send me letters asking if I am interested in selling my house and my buddy received a letter from a real estate co. last week wanting to know if he wanted to sell. So glad I relocated and bought when I did.
 
rafter

rafter

Since 1999
I watch Glen Beck on Blaze. ( I know many of you don't like him, but he is interesting at times) He was talking about how with the people leaving the Dem shit holes and moving to more red areas that prices are going through the roof. One guy that lived in Wyoming reported that he is listing property in the morning and it is selling before that evening sight unseen.

I saw the exact same thing in Colorado in early 90's, because we did it. Prices went up...they never came back down...now I wish we would have kept some of it, we would be millionaires.

I think you can get some pretty good deals in any Dem run, high tax, no cops city before long.
 
naturallysweet

naturallysweet

Has No Life - Lives on TB
If you are near a city, then no. They are collapsing.

If you can get FIXED interest rates for the life of the loan for a house in a Republican ruralish properly. go for it.
 
E

exiled2tx

Inactive
We were thinking about it back in Jan-Feb. Come the virus and we figured that house prices would drop and buyers would dry up. Well, we're in one of those escape areas for the big cities and things are actually hopping here. We went ahead a couple of weeks ago and signed a contract. We're also in the process of selling our old one so in our case, we're not as price sensitive as I expect the two properties to track one another.
 
Firebird

Firebird

Has No Life - Lives on TB
Real estate is hopping and rates are low. Heck, I have purchased 2 more homes during all of this.
 
T

Terrwyn

Veteran Member
My SIL just sold a house in Upstate NY on 27 acres for 70,000. 3 Bedroom on the market for a year. 50,000 under original asking.
It all depends on your situation. Personally I dont like mortgages and I agree this house of cards is going to come tumbling down.
 
Laurane

Laurane

Canadian Loonie
sierra don said:
Not a good time to buy in north Idaho and probably the same in the southern part of the state. Prices are high due to extreme demand from people trying to escape the commie states. From what I have read on the City Data Idaho forum is that RV campsites in the Sandpoint area are full of people from Washington, commiefornia and Oregon house hunting.

According to Zillow as of last week there were 218 properties available in Bonner County Idaho. There are 2 properties over the hill from me that are going for $495K. When I bought my property in 2015 those places might have been worth $250K to $275K if even that. My place has gone up almost $100K since I bought it, took 22 years for my value to increase that much on my old house.

I've had Coldwell Banker send me letters asking if I am interested in selling my house and my buddy received a letter from a real estate co. last week wanting to know if he wanted to sell. So glad I relocated and bought when I did.
Click to expand...
A lot of people moving up round Bonners Ferry from Utah....... have a friend who did that.....shopped in Creston BC
 
helen

helen

Panic Sex Lady
If cash goes away, expect a lot of illegals working under the table to sell out and go home. They are typically in city properties.

I don't think suspended evictions are a good idea, because a lot people will never pay. Landlords get stuck and possibly foreclosed on later. Again, these are typically in town.

$7,000 is not a huge bet. Live wild and see if God agrees with your decision.
 
coalcracker

coalcracker

Veteran Member
My opinion is that now (and always) is a great time to buy the right house in the right location.

Not any house.
Not most locations.

The right house in the right place.
 
China Connection

China Connection

TB Fanatic
One can buy a shack on a bush block for what you have in money. If you hold onto the money you won't even be able to afford a bag of peanuts.

Down the track everything will become State owned the same way things start in a Communist country.
 
West

West

Senior
Depending on the water source and the water. Should be on a well with good water and not so deep that a pump Jack or solar well pump can't handle easily.

Of note, it's really the static level of the well. Not so much the depth.

For example a well can be 200 feet deep. But the static level only 40 feet. Granted when drawing water and depending on how much you draw can lower the static level a bit.

But if the well can produce around 10 plus gallons a minute with out dropping the static level much, your good to go.
 
Last edited:
blackjeep

blackjeep

The end times are here.
I live in the country, away from major cities. A real estate agent friend of the family told us that houses in this area sell as fast as they are listed. A lot of people are desperately trying to get out of the cities. You could probably get a deal on a house in a major city, but out here in the country, where it's peaceful, it's going to be much more expensive than it was last year.
I don't see this trend changing any time soon.
 
Gercarson

Gercarson

Veteran Member
China Connection said:
One can buy a shack on a bush block for what you have in money. If you hold onto the money you won't even be able to afford a bag of peanuts.

Down the track everything will become State owned the same way things start in a Communist country.
Click to expand...
Down the track is a lot sooner than one might think. If President Trump loses we will be on a fast forward to communism - NWO globalism is here already they're just waiting for when President Trump is out of the picture. Even if he wins, America will not be able to undo the decades of indoctrination and rid our government of the "deep state" that IS the NWO.
 
Namsgrls

Namsgrls

Veteran Member
SAR01 said:
reguarding TKO post above...pricing is high and there is a lot of bidding wars. I found a cabin type I loved and would have grabbed it up, but there was a bidding war with 11 others and they got 70,000 over asking price and NO KITCHEN.. it was gutted!
Click to expand...

I’m pretty sure I live close to you, and you’re so right about the high prices and bidding wars. My son and dil just sold their house a couple of weeks ago. It went on the market on a Friday, and they immediately had three offers....one for cash! By Saturday they had to cancel two more showings. We are going to be selling ours as well. We already have a potential buyer even though it’s not officially on the market yet....just word of mouth. If it doesn’t work out, our realtor said he’s sure he can get multiple offers right away. There’s just nothing out there because as soon as a house goes on the market it’s gone. It’s crazy!
 
rob0126

rob0126

Veteran Member
Just my opinion:

Alternatively, you could do as one poster said and buy an undeveloped property and throw a trailer/rv/tiny house on it, and add what you want, for a lot cheaper than what houses are going for in the country.
 
subnet

subnet

Boot
Market is hot for sellers..ours sold in a day and we will rent for a few months in a different state, to see whats what...
Prices are higher for homes than they were in 08 in some places, a correction has to happen.
 
R

raven

TB Fanatic
i think prices are too high, especially since we are in a depression
prices on houses should be weak
they aren't
but that does not mean that they won't be next month.

My friend bought a house in 2006.
Got a Subprime mortgage with a second mortgage. Total - $335,000.
Sold it 15 years later for $275,000.
This is not the way we make it to retirement
 
F

foreverkeeps

Veteran Member
Depends on where you are and the debt to income ratio you are going for... Yes, houses are somewhat inflated. (And I know because we sold at a grossly inflated sales price last October). But, interest rates are extremely low.
I recommend calling Peoples Bank and get pre-qualified (it's quick and free), and do some research.
 
Ractivist

Ractivist

Pride comes before the fall.....Pride month ended.
Tough times ahead.

Taxes are going to skyrocket over the next few years, incrementally to double soon enough. They are burying the nation in debt.....slavery the result.

I'd buy conservatively. What do you need, want, willing to live with, happily. Now is not the time to get needlessly stretched. I'd be buying in the country, wisely as documented here thru the years. Shore up.
 
pinkelsteinsmom

pinkelsteinsmom

Veteran Member
Namsgrls said:
I’m pretty sure I live close to you, and you’re so right about the high prices and bidding wars. My son and dil just sold their house a couple of weeks ago. It went on the market on a Friday, and they immediately had three offers....one for cash! By Saturday they had to cancel two more showings. We are going to be selling ours as well. We already have a potential buyer even though it’s not officially on the market yet....just word of mouth. If it doesn’t work out, our realtor said he’s sure he can get multiple offers right away. There’s just nothing out there because as soon as a house goes on the market it’s gone. It’s crazy!
Click to expand...
.......same here to in Shittaltle, I feel sorry for anyone buying now. As a broker for many years, trust me it is gonna blow big time!
 
Sicario

Sicario

The Executor
Real estate prices are high because people are buying real estate to get their FRNs out of the banking system. When the dollar collapses (and it will) they'd rather be holding real estate than a handful of worthless paper.
 
M

marsofold

Veteran Member
The market may be high priced now, but in a few months the country may be a very different place. You may regret that you didn't buy a rural small place and set it up for self sufficiency. Last year I bought an isolated small farmhouse in West Virginia on 50 acres with a large creek for $139,000. I consider that I am in a race for time to get it prepped. I'll bet the jews in 1939 Germany wished that they had moved when things were easier.You really can run out of time.
 
Last edited:
You must log in or register to reply here.
Top