buy a house now or wait a few years?

[Rolling_trip]

We are actually getting ready to build a modest house on about 13 acres. I was very happy with the cost per sq of it.

 

[The Old Jaybird]

You asked for advice and here it is. Buy a cheap basic starter home now with the historically low mortgage rates, get a 15 or 20 year mortgage....stay away from a 30.
I have done this twice in Metro Atlanta and have yet to pay over 100K for a house, both were 3/2 and about 1650 sq. ft. You don't need a mansion, you need a place to store all your crap. The proceeding advice is worth just what you paid for it.....zilch.

 

[Gunanddoglover]

simple enough question but not really lol

im looking at buying a house in the next six months. sticking in atlanta and surrounding area, looking for a started house between 150 and 250K. ive heard nad got a small feeling the market for house may drop off int he next few years in which case i would want to buy my house then and do it when im even more cash heavy

so the idea is forgo the rent and what equity i could be putting into a home in the hopes that the value of homes will drop enough in 2 to 5 years that it would be more advantageous to buy then

any input

Don't get financial advice from ODT. That's my input.

 

[shootsacanon]

Have a 3-6 month emergency fund? Something will go wrong/break at the worst imaginable time.

Debt-free?

15 year, with a fixed rate? Consider that someone who paid off their 30 year loan today, started making those payments in 1989.

Payment no more than 25% take-home pay?

Biggest down-payment possible?

I believe the market is due for a correction, but if you buy smart, have your financial house in order, & plan on staying through a correction, don’t let the chance of one scare you off.

If you can stack cash & wait for a downturn, the interest rate won’t matter.

 

[chucklenut]

Have a 3-6 month emergency fund? Something will go wrong/break at the worst imaginable time.

Debt-free?

15 year, with a fixed rate? Consider that someone who paid off their 30 year loan today, started making those payments in 1989.

Payment no more than 25% take-home pay?

Biggest down-payment possible?

I believe the market is due for a correction, but if you buy smart, have your financial house in order, & plan on staying through a correction, don’t let the chance of one scare you off.

If you can stack cash & wait for a downturn, the interest rate won’t matter.

i have emergency money and enough as it stands now to put down 20% for a house worth between 150 and 250.

debt free, the payment would probably be closer to 30 to 35% of my take home realistically. id aim for a 15 to 20 year mortage, not a 30 hopefully.

 

[CBH13]

i have emergency money and enough as it stands now to put down 20% for a house worth between 150 and 250.

debt free, the payment would probably be closer to 30 to 35% of my take home realistically. id aim for a 15 to 20 year mortage, not a 30 hopefully.

also depending on your handiness and ability to get materials and labor cheap you can also look at buying a home outright in need of a major remodel and making that work as well. Thats actually the route we ended up taking and it came out significantly cheaper in the long run.

 

[Granite3]

also depending on your handiness and ability to get materials and labor cheap you can also look at buying a home outright in need of a major remodel and making that work as well. Thats actually the route we ended up taking and it came out significantly cheaper in the long run.

THIS is the way to go, can't stress this enough, never get a "perfect" house.

 

[wallacem]

Interest rates are more important than sales price. Get the best possible interest rate and buy now. Don't look back. Wallacem. Retired mortgage banker

 

[Lawn and Tree Barber]

I bought my house on Feb 9th, 2017. Today, July 31st it’s worth 40k more. I could easily pocket 30k and move on but I’m renting out a room for $650 so I think I’ll just keep pocketing $650 each month. If I were you I would wait to buy when the prices go down a bit because they are really high right now. My friend is a real estate agent and would be more than happy to help you if you need an agent. Let me know if you would like his contact information. He is really fast and love first time home buyers and getting them into a perfect house for you.

 

[Trailrider]

I see a lot of naysayers saying don't buy know, and the truth is, it's a seller's market. However, I wouldn't hesitate to buy if I were in your position. You never know when the bubble may burst, as many think will happen. But at the same time, interest rates are still so low right now and you risk them going up. Also, even though you pay for whatever repairs/expenses that come along with owning a house, it's still better than renting where you get absolutely ZERO $$ for your return. Mortgage on a $150k-200k house in your range is still cheaper than renting a decent 2-3 bedroom apartment in the Atlanta area. We bought our house 6 years ago and it's already worth $30k more in MACON based on what the other houses in my subdivision have sold for lately. And they sell fast!