Is it a bad idea to buy a house now?

in real estate. Do you need it and can you use it. Don't count on any appreciation in value.
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Listen, read and learn.

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The fed's about to drop interest rates again, at least wait until then. And don't spend too much. For my part, I bought a house about a year and a half ago and I am kind of wishing I hadn't. For the same problems your parents have-- I'm afraid I won't be able to sell it now that things have gotten and are getting worse.

It sure beats the shithole I was renting before, though!

I thought we were talking about Real Estate?
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Be very careful.
"Liberty and Freedom for our Grandkids"

I am busy trying to figure out whether to pay property tax bills or gold ,silver and survival supplies.
"Liberty and Freedom for our Grandkids"

You might find this post I wrote to be helpful:

http://www.dailypaul.com/...

Like most things, the MSM has somewhat mis-led the public about the bubble. Their focus, as almost always, is on the 2 coasts (east & west); I've never seen my area on a national real estate broadcast.

Yes, some areas are hard-hit....Others had experienced only very modest price appreciation and never "bubbled". I'm in an area where residential real estate had slow but steady price appreciation over the past few years and we have had NO falling values here at this time. Matter of fact, prices are remaining steady and even increasing.

Like politics, all real estate is local. And like politics, MSM will hype what they want you to hear. They're not telling you about the markets that are just fine....'cause that's boring.

Interest rates are incredibly low right now. If you can get in to the right property at the right price, you're probably fine. If you're truly worried about inflation/currency crisis....Imagine what would happen to your RENT; at least with a fixed-rate mortgage your payment won't change.

All across the country the foreclosure rate is on the uptick which means that, combined with today's very low interest rates, you should be able to find a property that will work for you AND your budget. Just be aware that buying a foreclosure has NOTHING to do with what the late-night infomercial people want to sell you. Find an experienced real estate agent in your area that knows the ins & outs of the REO (foreclosure) process.

There's probably never a bad time to buy a house....There's just bad buying (wrong house, wrong price, wrong terms, wrong loan product, etc). Good luck to you. PM me if you want info and don't want to post specifics about your location or details.

and its a great time to buy! Just keep your eye on the monthy rental rate vs monthly morgage payment. Keep this simple because it is very simple.

1) find the area you would like to live.
2) find out the average 12 month rents in the area
3) find out the average home price in the area.

Now, if rents are cheaper than what you can buy the house, then rent. Its that simple.

If you can, however, search out a bank owned house. A foreclosure. If the morgage on buying that house is cheaper than renting, BUY IT.

Keep to this simple formula and you will do well. Also, here is a good site to evaluate home prices. It calculates values by dividing the price sold into the total square feet. www.zillow.com

Good luck, and keep it simple.

Treg

Michigan .....already HIT!

"Liberty and Freedom for our Grandkids"

It looks like you are on the way, but I would say you need these things in this order

Gun & Bullets (or other self defense mechanism)

Gold & Silver

Food

Keep the gas tank full

Any 'off grid' or survival gear that you KNOW how to use. (like a tent and sleeping bag and backpack)

AFTER you have this stuff, start paying down debt. This is because the more you keep of your income rather than paying to someone else, the more you have to buy whatever you need. (like a house for instance)

Simply adding to your debt buying a house at this point may not be the best move.

Plus it is no where near the bottom of the market yet, and rates will go lower. As will the currency inflate so as to make it easier to pay off that lower house note.

Silver coinage is always a good investment. If you can steal a nice piece of property & your purchase would be in a nice - safe community that has always been stable - you would probably do all-right given the fact that you have good secure employment.

Don't buy into this fear mentality - our country is not getting hit with an asteroid or something of the like. Just a down turn in the economy that may be more severe than a normal down turn cycle.

You need to find a way to release that anxiety - Yoga is great - Martial arts is wonderful for me - give that a try - & find strength in the man upstairs!

Peace

Sonny

is when nobody else can!

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Agile and Hostile cannot be downplayed!
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Michigan, My Michigan Is nowhere near the bottom yet!
Prices are falling daily now.
Liberty and Freedom for our Grandkids"

are certain protections that you acquire. First of all, it's easy to take your wealth and "go down the road". Stay away from banks to the extent possible, including so-called "safe" deposit boxes. They are merely instruments of government seizure. Also, keep in mind, whether buying or renting, real estate is normally subjected to property taxes that pay for local government and schools. No matter how bad inflation gets, the government entities will get the money they want from your property taxes first, and by force if necessary. I would pick a place where the population density is low and where the growing season is at least reasonably good. Find some decent land to cultivate. A period of hyper-inflation will actually make your mortgage note look smaller by comparison, but keep in mind that your required insurance, and especially property taxes, will go right through the roof.

I am not holding myself out to be an expert by any means, so seek more professional ideas, but in this time of uncertainty, try to stay flexible and within your means. Don't put any new stress on yourself, be ready to pick up and move as easily as possible. Possibly rent a house more out in the country away from the big 7 metro areas as much as possible. Keep getting yourself out of debt. Live within your means. Personally, I wish I could sell my house right now. So I would not buy. In normal times as things go down, you get in. But this does not seem to be a normal time. This is very volatile seeming. I would stay well within a comfort level. If you have money to put into a place, then land might be a good idea-I'm not sure what the best thing to do with money absolutely is, but I think what you have done with gold and silver is good. I admire you for really thinking this out and perhaps not jumping into a desire to satisfy some basic needs if it is going to get you into debt.

until we hit rock bottom. I am no expert, but if you can buy a house without going into debt, now is probably a decent time, but I suspect home prices have a good long drop ahead of them, of course so do our wages and savings. I too would be interested to see what the experts have to say.

Based on my 32 year career of selling real estate I would say you need to consider many factors.
How stable is your income?
Can you pay cash?
How close is your job to an affordable piece of rural property?
Do you have outdoor skills... farming, hunting, trapping, etc. ?
Can you comfortably go off the grid?

There are no easy answers. All of my retirement is tied up in land and I just don't know if that is good.
Help us out Fellow Liberty Lovers with ideas.

"Liberty and Freedom for our Grandkids"