Posted on 03/15/2010 11:09:12 AM PDT by Reaganesque
I've been reading in real estate news that first time home buyers are starting to buy homes again. Interest rates are still low, the First Time Home Buyer Tax Credit is still available and houses are affordable but, I'm just curious, how many Freepers are looking to buy their first home? This isn't necessarily a thread to comment on the Obama economy, I'm simply interested in buyer's current attitudes. I'm a real estate investor and I thought I would ask some real people about this.
I’m renting another year. If Obamacare passes, we will definitely hit a double dip recession-more jobs to be lost and that means real estate will get worse. Real Estate has a long way to go in the correction process still imo.
I have my money in gold and other commodities. Once the tax hits next year we will slide again, and it will all the Bamster fault-but that is exactly what he wants-to destroy our economy.
Closing on my first home on Wednesday....nervous about it, but we plan on being there a long time so we should be able to weather any further price drops.....
If you’re an investor, I’d say buy away. Prices and interest rates aren’t going to get any lower (though I wouldn’t buy investment properties on a mortgage). When things bounce back (which they will), you’ll make a fortune.
My wife and I are not buying anytime soon because we need to get out of debt first — but if we were debt free, we’d be buying ASAP.
SnakeDoc
As a broker/investor I can tell you that all real estate is a local phenomenon.
A purchase that would be insane in one market could be a sound investment in another.
I would not recommend buying in my current market in SoCal-we have a long way to fall yet as the next couple rounds of foreclosure get going.
That said, if it feels right, in many markets this is a great time to buy.
It’s entirely local.
Congrats!
I’m in the Baltimore, MD area. From what I have read, things seem to be improving. The area around Aberdeen, is experiencing growth due to the base reallocation process thats going on.
My son and his wife just bought their first home. I was frankly glad to see them get their $8,000, since they will be paying taxes to cover the deficits for the next 70 years.
I wish, but I’m in NYC and prices are still ludicrous.
I’m hoping to build my own home sometime soon, does that count?
I bought the land in 2007, then got laid up by medical problems. I’ve been out of the wheelchair for 2 months now, so I’m trying to get back into the workforce so I can save the money needed for permit fees, yikes!
Perhaps you could enlighten me as to why my tax dollars should be given to ANYONE, first-time buyer or not; car-dealers or car buyers trading in a car; etc.
Do what I did. Save your money and take your risk. I should pay for some other boob’s prescriptions!! What a worthless country this has become until liberals!
I appreciate the optimism, however, may I ask on what basis you are confident that the American economy will bounce back?
Exactly what do you see on the horizon that will be bringing America back?
I rent now but my landlord is on in years, I expect the property to be given to the children and sold so I can see the handwriting on the wall. Unfortunately for me, I live in an insane market (L.A.) and I have no money for a downpayment. I would love to buy but that will mean I leave the state. I am a vet so I’m sure the VA can help...
If the landlord passes now, I will probably be homeless. :-(
We are debt free including the house and are looking to get out of our 5 bedroom, 3 bath for something much smaller and hope to do so without getting another mortgage.
Without Dave Ramsey, we wouldn't be non-participants in the Recession.
Is'nt there a new home buying credit even for non-first timers? Does anyone know the Income Limitation on it?
You are a Freeper.
You know the news.
What does your gut tell you?
bounce back ...., that was when there was air in the ball.
I live in Long Beach (rent). The house behind mine forclosed. 4 bedroom, 2,000 sq feet, asking price is $520,000.
Been seriously thinking about it. Should I pass?
Dave Ramsey’s book “Financial Peace” is one of the best books out there about how to handle your money. I love it!
Still renting - I’ll wait a couple more years until prices bottom out.
Here’s a good site explaining why it’s still a teerrible time to buy:
www.patrick.net
Capitalism is inherently resilient, and American ingenuity always prevails. One whack-job of a liberal President won’t change that in the long term.
SnakeDoc
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.