Is it right time to buy house?

[immihelp]

Do you think it is right time to buy house now?

Or do you think the house prices will go down even further?

[txh1b]

Depends on the location. One has to look at how the housing values appreciated in those locations in the past few years to determine if the rock bottom has hit the rock bottom.

It definitely is time for bargain hunters and you will get more value for the money. One can choose to wait if they can especially if they are worried about their job.

[knowledgeable]

YES, it absolutely is ...

... especially in those markets where the demand is still higher, the house prices are pretty low. If you can afford to buy that first house or maybe even a second one, it will be worth the deal.

When the market improves the house prices will shoot up proportionately.

Location - location - location - that's the catch. YOU have to have a very good location.

More some other time ...

[DrPepper]

It is the right time to buy a house if you have a permanent job, at least a GC/citizenship, low chances of getting laid off. Otherwise its better to rent.

Cost of owning a home in the US = [Cost of the house] + [Closing cost while buying the house] + [interest paid] + [taxes on the home] + [home improvements] + [Home owner dues] + [Maintenance] + [additional expenses towards utilities and extra commute] + [possible gains from the down payment, if this amount was invested elsewhere] - [The rent you would have paid if you did not own a home] – [income taxes saved after factoring for standard deduction]

Profit/Loss after selling the home = [Sale price] – [Cost of owning] – [Realtor commission] – [sales/excise tax]

[knowledgeable]

Only one thing though ...

if both the spouses are working with a high salaried income in different companies/fields then they can surely consider buying a house now, even if they're on H1B, provided they have plans to live in this house for a bare minimum of three years to a preferential stay of 4 to 5 years.

One option to possibly consider is a townhouse, which is easier to sell or rent if the situation warrants.

By the way also think about:

1. Establishing your equity
2. Tax free profit up to $500,000 if you live in the house for more than 2 years (consult your CPA)
3. Once you have enough equity, you'll be eligible for a HELOC at low interest rates which also may be income tax deductible
4. The joy and the great feeling of owning your own property - priceless!

Good luck to everybody.

[DrPepper]

if both the spouses are working with a high salaried income in different companies/fields then they can surely consider buying a house now, even if they're on H1B, provided they have plans to live in this house for a bare minimum of three years to a preferential stay of 4 to 5 years.

One of our friends on H1b brought a townhouse in the suburbs with 20% down last year. In August, they went for H1b extension stamping to India and they got rejected. Imagine owning a house in a country you cannot legally come back to. It cant get any worse than that. In this market, they need to make plans to stay in that house at least 7-8 years to break even.

[knowledgeable]

Opinions & views may differ ...

... based on personal experiences. A lot of my friends bought houses on H1B and now have huge equities built up not to mention coming home to a great house daily with their kids playing in the large yards and wifes cooking with fresh home grown vegetables!

Every person has to do his or her math before doing anything.

I also know a few people who have been looking for a house for a very long time and have spent all those years in one rental or the other while seeing the house prices shoot up, come down and go up again!

They lost a lot of good years of their lives never making it better as they're still looking!

In this market, they need to live in the same house for three years to not only break even but realize some profit.

Again, everybody has to analyze their own situation based on a number of variables.

[txh1b]

The mortgage some pay turns out to be close to if one rented a place with same comforts. The job security equation plays well in any financial decision.

A house is also a good place to get your week's worth of exercize. Mowing the lawn (get a reel mower, good for the environment and you) in the summer, raking the leaves in fall, Shovelling the snow in winter is all good for the body.

Doing those small DIY type jobs around the house gives "me" a great deal of pleasure.

[knowledgeable]

Town home ...

... can help escape from some outdoor chores but you pay for monthly maintenance.

Good for starters who then can move on to a single family house.

[frdsmth9]

it's always the right time to buy a house if you can afford it. buying a house is the only investment you can make that guarantees you a long term appreciation. if a house is $500k today, it might be $475k next year but 10 years from now it will probably be much higher than $500k.

[WWlawyer09]

It depends, but as of right now the housing market appears to be bottoming out, so it would be a good time to buy.

[bryanhalda]

Tier II cities seem to be an attractive option if someone was watching from the investment point of view. Prices in the Tier I and II cities come down and are expected to stabilize in the next three months, so that it can be a good option for long-term investments of about 3-5 years. So avoid the underground for some time.

[jitendrasnv]

HI,Real estate investments is not dependent on the time as it is much more dependent on the need and money>when ever you wants a investment then the real estate is ever green investments for ever.

thanks

[alpaahdi]

There is no clear-cut answer to this question. Frankly, buying a home, like any other investment largely depends on the situation of the individual doing the investment. If you expect quick gains and want to "flip" a home perhaps now is the time to buy, then again perhaps not. Same for long term investors, it really all depends on how much capital you have and can get a hold of and which market you are looking to purchase in.

Good luck to you!
Alpa

[joharabroune]

Another one knows where the housing market is now .. My guess and I have a better (lower) way to go yet . Another 10% mebbe . Remember that anything you can say what makes the property value. I think the potential value over the past 50 years all the **** illusion built on the property , in the near future a good thing could collapse.

I think there is a big blow jobs, and for the next 2 years will be a lot of padding and serious financial problems . And banks, they are small businesses and medium-sized enterprises, which will affect the working capital loan to the credit are not closed. In much worse before it gets better will grow. All indications that we have a 20 depression and 30 with all that entails is the title in style may be. I hope im wrong and we will all have a state of severe recession.

Another problem is that you can get a mortgage .. Mortgages in short supply, money and banks are now and they are demanding in terms of deposits and loans are proud of.