Home Theater Forum - View Single Post - Is now the time to buy a home or wait it out?

todbnla · 04-27-2008, 11:59 PM

Just wondering, for the last 3 months we have been looking at new homes to purchase and it seems the housing market is in the toilet now which means now should be the time to buy? However, if you watch most of the market factors it appears the worst may not be over? I mean, come on, $4 a gallon for gas, rice being allotted in sams clubs and costco, it seems to be scary times. So, should we wait it out or make a good buy now? The area where we have been shopping for homes in the past three months, we rarely see a house sell, apx 98% of all the homes we look at are still on the market and it appears very little are moving. The majority of these are brand new homes and some have been on the market for over 250 days and have never sold. We have been in new subdivisions where entire streets are lined with new homes are most sitting empty. We have seen numerous new subdivisions pop up and abruptly come to a halt, 5-10 homes built in a 2-300 home subdivision is not uncommon in this area. Keep in mind in 05, Katrina caused our market to explode and now we see that the builders built way too many homes and none of these are selling in todays market, which in our eyes should equal a buyers market. However, we dont want to buy in a dead market if in the event we need to sell in 5-7 years, we want to walk away ok with a few bucks, which is how we have always been able to do. Whats the consensus?

04-27-2008, 11:59 PM	#1 of 70
todbnla *Todd B.* Member Location: 39433, USA Join Date: Oct 1999 Local Time: 10:44 AM Local Date: 08-30-2008 Posts: 2,287	Is now the time to buy a home or wait it out? Just wondering, for the last 3 months we have been looking at new homes to purchase and it seems the housing market is in the toilet now which means now should be the time to buy? However, if you watch most of the market factors it appears the worst may not be over? I mean, come on, $4 a gallon for gas, rice being allotted in sams clubs and costco, it seems to be scary times. So, should we wait it out or make a good buy now? The area where we have been shopping for homes in the past three months, we rarely see a house sell, apx 98% of all the homes we look at are still on the market and it appears very little are moving. The majority of these are brand new homes and some have been on the market for over 250 days and have never sold. We have been in new subdivisions where entire streets are lined with new homes are most sitting empty. We have seen numerous new subdivisions pop up and abruptly come to a halt, 5-10 homes built in a 2-300 home subdivision is not uncommon in this area. Keep in mind in 05, Katrina caused our market to explode and now we see that the builders built way too many homes and none of these are selling in todays market, which in our eyes should equal a buyers market. However, we dont want to buy in a dead market if in the event we need to sell in 5-7 years, we want to walk away ok with a few bucks, which is how we have always been able to do. Whats the consensus? Regards, Todd My Blue-Ray & SD DVD's Current HT setup: Vizio P50HDTV20A 50" Plasma, Pioneer VSX1015TX 7.1, Motorola DCH6416 DVR, Panasonic DMP-BD10 Blu-Ray, SVS 2531PCi sub, Polk R30 mains, Polk CS125 center, Polk R15 x4 rears Last edited by todbnla : 04-28-2008 at 12:07 AM.