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Is it smart to be buying real estate in the next year?

I have been hearing conflicting arguments, some say buy nothing, others say get anything you can. What’s the best move in the next year?

9 Responses to “Is it smart to be buying real estate in the next year?”

  • Johnnie C:

    To me getting Real Estate on the Cheap is fantastic.It is a
    great investment especially if you are going to rent or lease
    it out for income..I say if it goes lower..save your money and
    Buy, Buy ,Buy…because when the Market goes up you will
    be already in a position to profit.

  • saved by an angel:

    Depends completely on your situation. Watch out for variable rate loans. Of course, cash is good if you have some. It’s time for some good old common sense. If you can get a loan with a fixed rate of interest & low closing costs, plus you have what you think is a sound job, actually now is a good time to buy. House prices are in a overall downward trend. Looks like this will continue until the current credit crunch is over,which could be a few yrs. Everyone seems to want all the toys & gagets, which has led to most people being over-extended. If your not one of them, then this can be a great time for you to buy. I just bought my second at a very reduced price. Good luck

  • P J:

    Depends on the area but for the most part the price drop is not over I would wait a minimum of 6 more months.

  • loancareer:

    That really depends on what you are buying for.

    If you think that you are going to buy a property and sell it next year for a profit, well you missed that boat. I don’t think we will se that kind of market for another 8 – 10 years.

    If you are looking for a place to call home for the long term, then it is NEVER a bad time to buy. Yes your home might end up being worth a bit less next year than what you paid for it, but historically real estate values will gain an average of 7 – 9% a year over the long-haul.

    What you should be doing is first deciding where your comfort zone lies as far as payments are concerned. Keep in mind that you are going to want to do some really crazy things to your new house like heat it in the winter, cool it in the summer. So don’t bite off more than you can chew.

    That is probably the biggest reason why the lending industry is in the mess it is in right now. We made it possible for folks to buy way more house than they could afford. Now we are all reap the whirlwind.

    What ever you do, don’t be sucked into an Adjustable Rate or a Negative Am Rate, (better known as the “Flex Pay Loan” and stay with the good old 30-year fixed payment. If you can’t afford the 30-year fixed payment, you can’t afford the house.

    So for whatever reason you ask this question, good luck to you whatever you decide.

  • Lee Taylor:

    Real estate is seldom a bad investment. Now is a good time to buy because prices are low.

  • mary h:

    all depends on what kind of investor your asking. In my opinion the times of flipping that house are over and done with. house prices are dropping-thats a no brainer- another thing to keep in mind is that the sales are at a stand still which means if you have the intention of reselling something- you may be holding it for a while ….and paying bills for the place for a while to!!
    But dropping prices means time to buy to some extent at least- you still have to be looking for the deals, but now you need to be following the market in your particular area a little closer to really determine what a deal is. Making offers of prices way lower then purchase price is going to be on the uprise, so dont be afraid to do it. It cant hurt to offer less, but it can hurt your portfolio if you dont offer less.
    I would definately recommend taking advantage of these lower prices- and invest in some holding of properties now- invest in properties that can be rented out, something that will more then pay for itself over the next couple of years. properties that have less re-occuring bills associated with them are better- meaning towns with lower tax rates, and no condo or management fees! good rental areas are a plus.
    Now is just good time as any to invest- as they say buy low. The only difference is you need to know what to expect and you are probley not looking toward a quick flip or wholesaling over the next few months.

  • Casey C:

    loan career is right on here. If you don’t own a home, the benefits of owning the home you live in is always advantageous over renting. Always.

    That being said, there is a saying in real estate. When the market is good, buy real estate and when the market is bad, buy real estate. Deals are out to be had in any market.

  • floridasurfcaster1:

    I bought 40 acres in Rural SE Ky last year and I’m working towards buying some more land in My home state of florida…

    they aren’t making any more land…

    right now imho land is probably better than homes…I don’t think Homes have anywhere near bottomed out yet

  • Kenneth C:

    I would definately buy. If you wait, you will be out of the game and you would have missed your chance.

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