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December 11, 2007
Buy now or wait 6 months?
I'm sure I'm not the first to be wondering about this, but I"m wondering what those of you more in the know would do. We have just started thinking about looking for a place to buy and wonder: should we seriously start looking now or wait until the spring? I know that there are so many variables to consider, but what would you do if you had the choice of buying now or renting for 6 months and waiting to see what happens with the market in the spring?
Comments
Well, even if you "seriously start looking now" chances are you will not find something you really love until much later in the game, probably Spring or later. So I say, start casually looking now, familiarize yourself with comps, get to know what you like and don't like, and by the time you know what you really want, it'll be Spring and you'll also have a better feel for the market.
Posted by: guest at December 11, 2007 11:06 AM
Start looking now and if you find a place you absolutely love, make a bid. If you don't find anything great, you'll have a much better idea of what the market is like in 6 months time than you otherwise would. However, you'll feel just as uncertain about the future of the market in 6 months time as you do now.
Posted by: Brooklynnative at December 11, 2007 11:08 AM
totally agree with 11:06. Start now. It's quite a process and, if you're brand new to homeownership, you might eventually find that shopping for the house was the fun part.
Posted by: guest at December 11, 2007 11:10 AM
Thanks, everyone! I guess it would be too difficult to really find that great place during your first weekend of open houses. Feeling like there's more time actually makes this less stressful (and I'll take 11:10's advice to have it be more fun, too!)
Posted by: newbuyer at December 11, 2007 11:13 AM
Newbuyer,
You will do yourself a favor if you give up that first weekend fantasy. Get to know what you like and don't like, need and don't need. Sometimes I really loved a place and then realized it was impractical, or walked away from a place I thought didn't feel right only to realize later I really would have been happy with it.
Realtors, even the honest ones, prey on that feeling buyers often have that they really need to pounce or their dream home will be gone. Innoculate yourself by goin gto lots of open houses, even ones that don't look so promising, so you get a sense of what's out there. That way, when you do see a house you really want, you will be more confident you really want it, and you will feel comfortable pouncing because you are ready.
Posted by: slopefarm at December 11, 2007 12:08 PM
first weekend? hah. Some people here have been looking for a year or more. You need to look for quite a while because so much is over-priced. See a place you love you gotta know instantly if the price is a joke - so you can walk away or wait for it to drop. You have to know about values than the brokers.
Posted by: guest at December 11, 2007 12:09 PM
great advice guys and thanks a bunch. I am in the same shoes as newbuyer but i have been web searching for months now....scary part for me is the feeling that with each passing day prices are going up and up :(
Posted by: guest at December 11, 2007 6:53 PM
Correction, you WILL find your Dream House in the first month, you will just be outbid and lose it.
Get ready for some heartache ... but it will all work out.
My tip: Never fall so far in love with a home that you can't walk away lest you waaay overpay and regret it.
Posted by: Mr Joist at December 12, 2007 1:45 PM
I've been looking for over ten years and still live in a sixth floor 500 square foot walk-up!
Based on my own failures, the time to buy is when you find something you can afford that you love. Nobody can predict the future, so if the numbers work and the place is right, buy it.
Posted by: guest at December 12, 2007 9:01 PM
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