stepping up into the housing market

**younggun** · 02-03-2008 08:16 PM

Hi,

First day on here, im 18 years old and im looking to purchase a house, please give me some advice.

**Gaulkin** · 02-03-2008 09:19 PM

Your early, wait for lower rates and the market to turn in 2009.

**mattSantill** · 02-04-2008 12:12 AM

Now is the best time to buy investment properties ..... not when the market turns.
The best deals and the lowest rates are right now.

**rogercbryan** · 02-04-2008 07:50 AM

Wow! A whole bunch of opinions with no factual basis.

Younggun- What market are you in and what is your price range? This is important information that will help people to better guide you. There are a wide variety of markets in the US each with its own set of ‘rules’. The principles you would apply to buying a house/condo in DC, NYC, or Miami are going to be totally different then buying a house in the Midwest. Also, are you looking to buy a rental or and actual home that you will live in?

There are a few people on here with real experience in this so give a little more info and you’ll get a better response.

**Gaulkin** · 02-04-2008 08:38 AM

Originally Posted by mattSantill

Now is the best time to buy investment properties ..... not when the market turns.
The best deals and the lowest rates are right now.

The fed is going to cut rates again, and why buy properties when prices are going lower. That would be catching a falling knife, you want to buy when the market is going to turn around. If your planning on living in the house for more then two years then sure you COULD buy now but whats the point.

**rogercbryan** · 02-04-2008 09:21 AM

Fed Rate cuts will only matter in certain situations. There is a ceiling on home mortgages to some extent. If he/she is a first time home buyer with less then 20% to put down future Fed Rate cuts are not going to affect him/her as much.

A more important question is home prices. Their rate is going to be somewhere between 5% and 7% so we know that. If they are looking to buy an $80K then the rate isn’t as significant as it would be if they are buying a $1M house. Yes you do want to get the lowest possible rate but I think this buyer needs to concentrate more on home valuations when shopping.

Younggun- more info please