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Is there an ideal time to purchase a home?
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Post Is there an ideal time to purchase a home? 
I know the market has slowed down a lot due to economic news. But at the same time, that means there are a lot more supply and a lot less buyers. This would make it much easier chance to buy a good home? Or would it be reversed where it is better to wait? Til economy is better. But then you would be competiting against many more other buyers?

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Winter is actually best time to buy. You are not competing against too many other buyers. Now, people will be worried about the economy, long term, if you are putting down payment of at least 40% 50%, you have very little to worry about. You should not really be buying a house if you don't have at least 30% down payment ready. Long term, meaning you are not going to sell for at least another 5 years or more, it's always a good time to buy in Forest Hills.

Short term, I have no idea.

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I think 30% down is still risky. These days should have at least 50% down (even if you don't put it all down you should have that cash in bank). 50% at least.

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And yes, winter time is always best. If you are scared about the mortgage crisis, wait til next winter.

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Well, imho, today the president is going to use the government to help bail out the mortgage companies. That's very bad as we all agreed from school(econ department) because the government is eliminating risk from what is supposed to be high risk mortgages. In other words, there IS no dangerous bets, the government is always going to bail you out. Translation? Inflation. Watch the prices go straight up again and we corner ourselves into another dangerous bubble.

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Look at what prices where in 2002 before the bubble. You will see those prices again. Right now is a terrible time to buy. You can expect a 30% to 50% decline in value if you buy today.

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wait 1 more year, we have at least one more year of price drops is the word.

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Post 50% down 
[quote="Anonymous"]I think 30% down is still risky. These days should have at least 50% down (even if you don't put it all down you should have that cash in bank). 50% at least.[/quote

Are you guys BURNT!!!!! 50 % down ????? only dumbassess like you guys would do that. Industry standard is 20% down. Mortgage the rest. Then take the other so called 30% and invest it. Make your money grow

The only time you would put 50% down is if you are loaded with cash and want to pay off the mortgage in a shorter amount of time (15year mortgage) and lower your interest payments. Interest rates are so low that it makes no sense at all to tie up all that money.

So speak to a financial advisor/ accountant and have them review your finances and they will lead you in the right direction.

DO NOT LISTEN TO THESE FOOLS!!! 50% down..... you guys better advise on how to become stupid or go back to school and learn this time around

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Post financial analyst / accountant 
Hello Readme, can you please recommend a local financial analyst/accountant whom you think is reputable and reasonably priced?

Thank you.

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I would wait until after this whole mortgage crisis calm down. Otherwise it's impossible to find a bottom.

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Don't buy anything for the next 2 years is all I can say. It's going to take a full year to get out of the recession. And this recession is going to last at least a year. So why buy now when rent is cheap. Rent is dirt cheap too. I see rent gone down 8% or more just the last 12 months. Rent is hell sure cheaper than maintanence.

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You should buy when your comfortable and can afford to.

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Post "dont buy for the next 2 years" ???????????????? 
are you kidding??? If you have the money to buy, buy this year. Dont get left behind like people did 3 -4years ago waiting for the market to crash. Yes we are in somewhat of a slow down, but now is a great time to negotiate price and rates are low. You have excellent buying power now, use it and reap the rewards when the market turns around. Real estate can only get better. Dont listen to these fools that are telling you the housing market is going to drop 30-50%. Come on now....can you really see a 600K house dropping down below 300K in forest hills??? The answer is NEVER!! So you make a decisive answer and negotiate a purchase before the market turns around and leaves you behind


Anonymous wrote:
Don't buy anything for the next 2 years is all I can say. It's going to take a full year to get out of the recession. And this recession is going to last at least a year. So why buy now when rent is cheap. Rent is dirt cheap too. I see rent gone down 8% or more just the last 12 months. Rent is hell sure cheaper than maintanence.


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Post Re: "dont buy for the next 2 years" ?????????????? 
readme wrote:
are you kidding??? If you have the money to buy, buy this year. Dont get left behind like people did 3 -4years ago waiting for the market to crash. Yes we are in somewhat of a slow down, but now is a great time to negotiate price and rates are low. You have excellent buying power now, use it and reap the rewards when the market turns around. Real estate can only get better. Dont listen to these fools that are telling you the housing market is going to drop 30-50%. Come on now....can you really see a 600K house dropping down below 300K in forest hills??? The answer is NEVER!! So you make a decisive answer and negotiate a purchase before the market turns around and leaves you behind


Anonymous wrote:
Don't buy anything for the next 2 years is all I can say. It's going to take a full year to get out of the recession. And this recession is going to last at least a year. So why buy now when rent is cheap. Rent is dirt cheap too. I see rent gone down 8% or more just the last 12 months. Rent is hell sure cheaper than maintanence.



I am still not sure if right now is best time. The lowered fed interest rate seems to have not changed the mortgage rates. As far as I am lead to believe, the banks are still in big debt from the defaulted bank loans. The lowered interest rates only helps the banks recoup their lost. And I think the ARM's adjustable rates from 2005 , with the low intro rates are going to kick in this summer. This summer a lot of people will have their mortgage payments skyrocket. I worry deeply we will see another wave of foreclosures.

I know the prices are more appetizing now but I still worry. ?

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Post Re: "dont buy for the next 2 years" ?????????????? 
Anonymous wrote:
readme wrote:
are you kidding??? If you have the money to buy, buy this year. Dont get left behind like people did 3 -4years ago waiting for the market to crash. Yes we are in somewhat of a slow down, but now is a great time to negotiate price and rates are low. You have excellent buying power now, use it and reap the rewards when the market turns around. Real estate can only get better. Dont listen to these fools that are telling you the housing market is going to drop 30-50%. Come on now....can you really see a 600K house dropping down below 300K in forest hills??? The answer is NEVER!! So you make a decisive answer and negotiate a purchase before the market turns around and leaves you behind

Yes...all the slow down news says recession is on the way. It takes 2 quarters of negative growth to call it a recession. It may happen, but the real estate market affects those that cant afford homes. If you can qualify with standard real estate guidelines...why would you not purchase?? The rates are low and sellers are anxious to get out. Hence "negotiating power" You decide




Anonymous wrote:
Don't buy anything for the next 2 years is all I can say. It's going to take a full year to get out of the recession. And this recession is going to last at least a year. So why buy now when rent is cheap. Rent is dirt cheap too. I see rent gone down 8% or more just the last 12 months. Rent is hell sure cheaper than maintanence.



I am still not sure if right now is best time. The lowered fed interest rate seems to have not changed the mortgage rates. As far as I am lead to believe, the banks are still in big debt from the defaulted bank loans. The lowered interest rates only helps the banks recoup their lost. And I think the ARM's adjustable rates from 2005 , with the low intro rates are going to kick in this summer. This summer a lot of people will have their mortgage payments skyrocket. I worry deeply we will see another wave of foreclosures.

I know the prices are more appetizing now but I still worry. ?


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