Thread: would this be considered a good time to buy?

looking at buying my first home. using almost all of my savings for the down payment and closing costs. the house isn't ultra modern but everything works so no improvements are needed immediately. with the market depressed and interest rates low i think it is a good time to buy, but what is the opinion around here?

Not an expert by any means, but with rates as low as they are and it being a buyers market, my opinion is yes. Now is a great time to buy.

yes - good time to buy as you exactly mentioned above (low rates, few ppl w/ cash on hand, can't see the market declining even moreso - dependent on city / neighborhood)

I just closed 4-5 months ago, so I'm biased, but I'd like to think it's a good time to buy. I also wouldn't empty your savings. ALWAYS keep a cushion.

-Markus-

Yes

*YOUR MARKET MAY VARY*

Originally Posted by TechArt Dreamer

I also wouldn't empty your savings. ALWAYS keep a cushion.

-Markus-

whilst i totally agree and i am not TOTALLY emptying it, i am keeping 4 months of mortgage reserve. also my mother would never let me get into trouble. i can always ask for help if need be. also have a few friends that i could pull in as room mates if needed as well.

Then by all means, get to buying. If your mortgage lender sees four months in reserve and you have above average credit, it's a lock. It is the best time to buy a home now. Just get a good locked rate, do not get an adjustable rate.

Originally Posted by z06Drew

whilst i totally agree and i am not TOTALLY emptying it, i am keeping 4 months of mortgage reserve. also my mother would never let me get into trouble. i can always ask for help if need be. also have a few friends that i could pull in as room mates if needed as well.

Seems like we're pretty much on the same page then. I have about the same, 5 months of reserves, just in case. I'd rather have more than I need, than not enough.

The lending process is definitely interesting. By the end of it for me, I had given them everything but a blood and semen sample haha. But amazing credit, and a good job goes a long way, and like BigDaddy said, reserves are great, and the fact that roommates are an option. You'll be asked all of that.

Good luck man.

-Markus-

Just closed on my first place two weeks ago, I agree with the above, if you have the cash and are looking to stay put awhile it is a great time to buy. Where in Morris do you live? I grew up in Long Valley?

With rates at all time lows it is a great time. Bottom of the market has come and gone in Nashville. Home prices are rising as the homes that are available are going down wuick.

A home that is priced correctly here is under contract within 2-3 weeks easy.