Just my opinion, but now is the time to look for a house if you don't have one already. Lowering prices and low mortgage rates make for some good deals. Plus the bank owned properties are offering some amazing values if there is one in a neighborhood you want to live in. I'm seeing houses for sale at prices that are less than what it would cost to replace the house, let alone buy the land. I can't predict how long the rates will stay this low. Of course, higher interest rates will probably drive prices down lower, but then you probably won't be able to afford the payments due to the higher rates.

If you are thinking of moving up to a bigger house or better neigborhood, you have to be very honest with yourself about the value of your current home. Priced right, your home will sell. But it is a buyer's market and you have to be prepared to take a lot less than you could have got a year or two ago. Still, gettting less for your smaller home will be offset by the savings you enjoy on your new bigger home, so long as you have enough money for a down payment, I think you will end up ahead of the game.

 

i agree, i wish i had waited it out a year

For the same price i paid for my house last august, If I was shopping for one now I could have an acre of land and a 2 car garage. Right now i have a 1/4 acre and no garage.

eh well. win some, loose some. I am just happy I was able to buy a house last year and not be stuck renting the rest of my life

*edited for awful grammer*

 

like many who bought in the last few years i don't think i could sell my house for what i owe on it

 

woot woot... bought my house 9 years ago!!!

 

Coming up in 2 weeks I will have been in my house for 5-years. Smartest thing I ever did, well that and being totally dumb lucky with my 30-year fixed mortgage rate...

 

dumb lucky? i have a 30 year fixed too - they pretty much offer that to everybody

 

actualy the dumb ones are the ones that took the ARM mortgages or no interest loans

 

I'm happy with my house purchase a little over a year ago. The only reason I could see to panic would be if I really wanted to move on to something else soon. I got a decent mortgage rate and I still have a pretty cheap house (relatively speaking, anyway). Sure, it wouldn't appraise at the same thing now, but I almost see that as a positive. I don't really have to worry about my town telling me my house is worth more and asking for more taxes. House prices will creep back up, and if all goes to plan... I'll still be living in mine.

 

He's dumb lucky because his 30 year fixed is at 2% or something.

 

[QUOTE=Bass,Jun 24 2008, 12:24 PM] dumb lucky?