Buying a new home, now?

[son93sl2]

My lease is up on my apt and I've been looking at a new place.
I have some $ saved up and I have a great credit score. Prices have been dropping and it is a buyers market.

I have ~5 years until we start to have a family so I'm looking for a downtown place to live that I can later resell or rent outat I'm looking for. With all this economic tubulance, would now be a good time to buy?

[Joecooool]

Absolutely. The prices may go down a little more but the interest rates will be going up so its a wash.

I'm actually shopping for another house right now.

[DAB]

if you are planning on selling down the road, hopefully at least breaking even, look at demographics. who will be buying in 5-7-10 years? will they have the $$ to pay?

nothing is certain.

[Mark C5]

I think now is a great time to buy if you're planning on holding for 10+ years. I wouldn't buy planning to flip for another couple years at least.

[G8rDMD]

Now's a great time I closed in January on a house, below asking price and great interest rate. I plan on staying in it at least 20-30 years, so I'm sure the value will increase nicely in that time (unless there is utter societal collapse and chaos )

[C5SilverBullet]

We're in the process of buying right now too.

[mrvette]

Stepdaughter and her husband trying to buy a house with inground pool....almost next door....about 2000'.....1/4 acre 98 grand....

Good/safe neighborhood, brick 2 car garage 18' door....not so awful evil.....

at least the damn bank got back with a counter, and they counter-countered....

took them 6 weeks to get on the phone though, lazy bastards....

[G8rDMD]

Originally Posted by mrvette

Stepdaughter and her husband trying to buy a house with inground pool....almost next door....about 2000'.....1/4 acre 98 grand....

Good/safe neighborhood, brick 2 car garage 18' door....not so awful evil.....

at least the damn bank got back with a counter, and they counter-countered....

took them 6 weeks to get on the phone though, lazy bastards....

I'm assuming it's a short sale?

[son93sl2]

Thanks guys.

Downtown Cincinnati is coming back. They have been developing and reviving downtown for the last 5 years, Vine St. is coming back to being great. There is a casino being built on the other side of downtown and the river front projects are well on their way.

Here are a couple of photos of what I am looking at 1 bed, 2 bath, private roof top deck, 2 private balconies, 1 covered garage spot.

[Bounty Hunter]

Nice and a good time to buy

[Blademaker]

Good time to buy.

I just bought a foreclosure for rental property.
1500 sq. ft., w/ 1500 sq.ft. partially finished basement for 60K. Appraised at
92K.
Already got tenants.

Good luck.

[C5SilverBullet]

Originally Posted by Bounty Hunter

Nice and a good time to buy

Wanna loan me $150k?

[Bounty Hunter]

Originally Posted by C5SilverBullet

Wanna loan me $150k?

Thought you were in finance
To answer your question, NO

[C5SilverBullet]

Originally Posted by Bounty Hunter

Thought you were in finance
To answer your question, NO

Thought you might have better rates than 4.25%.

[xXBUDXx]

I try to buy high and sell low. That's how I roll.

[Bounty Hunter]

Originally Posted by C5SilverBullet

Thought you might have better rates than 4.25%.

[mrvette]

Originally Posted by G8rDMD

I'm assuming it's a short sale?

Yes, the house is vacant, needs maybe a grand worth of work to be useable...fence, fridge, window wood in front fixed windows....

I think the bank is down about 1/2 what they loaned....

[BuckyThreadkiller]

Originally Posted by C5SilverBullet

Thought you might have better rates than 4.25%.

Yeah but the penalties for a late payment could be tough

[C5SilverBullet]

Originally Posted by BuckyThreadkiller

Yeah but the penalties for a late payment could be tough

I was thinking that too. That default penalty is a real mother ****er.

[onedef92]

Great time to buy, sucky time to sell.