Is it a good idea to buy a house during a recession?

I see houses are going down and interest rates have gone down so I was just wondering if it was a good idea to buy a home right now.

Is it a good idea to buy a house during a recession?
Very, very good time to buy a house and Stock. Bc the prices are down so far!
Reply:If you can get approved then yeah its a good time to buy, but a really bad time to sale.
Reply:Yes yes yes. I invest in real estate on a small scale and I have really racked up on some properties. The deals out there are tremendous.
Reply:to buy yes..sell, no..if you plan to sell your house, sell when the economy is good. property values are lower during a recession.
Reply:Yes, because the price is low and then the value will go up after you buy it. That way, you can get more from selling it.
Reply:As far as interest rates go it's probably a good time, but not as many people might be selling because they won't get as much as they want out of the sale. Just a Thought!
Reply:absolutely it's the best time to get into a house ; if you can afford it; you can get a great bargain i have seen great deals.
Reply:By your own admission everything is down, why would you a buy house when it is going up.
Reply:well it depends on what you're looking for. depending on the area in which you are buying your house the prices could be awesome or not so hot. if looking for a mortage it is harder to get one these days since so many houses are foreclosing. if buying a house then yes it wouldn't be a bad time however if selling a house you wouldn't get much for it so i'd hold off on selling but maybe not on buying. hope this helps!
Reply:You answered your own question. Of course it is. Intrest rates are low as well as home prices. Or you can wait till they start going up and pay more for the same thing. You decide.
Reply:It is a good time, but beware: the banks are also more stringent on loan applicants so make sure your credit, job and debt-to-income ratio are top-rate! Best of luck!
Reply:I guess- considering the recession- it would be a great time to buy a house. On the other hand, selling a house might be a bit more out of the question. No one is going to buy a house that's worth 100,000 for 100,000. They might buy it for a third of that price, which is more or less ripping you off. I know that wasn't part of your question, but I would like to point that out for obvious reasons. Most people looking for a house are looking to sell the one they formally existed in.
Reply:yes!


you always want to Buy low, sell high








so buy the house, as long as you'll live in it for at least 2 years








message me for further questions!











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Reply:As a REALTOR, I will say there is never a bad to buy a home! Now just happens to be a better time to buy! But it is a good time to sale if you are in a position to. Once your home is sold, even if you don't get what you may have gotten a year ago, you can now take advantage of the lower prices yourself. Sell and move up to a nicer home!
Reply:Anyone who tells you they can predict whether house prices will continue to go down, or will come back up is full of it. If they knew, they'd be billionaires.





That said, it means that now is as good a time to buy as any. If anything, with lots of desperate sellers out there, you might be able to get more house than you expect for the money and then take advantage of the windfall if house prices bounce back.





I would also recommend looking into a buyside commission rebate. This allows you to get cash back from your agent at closing (in essence getting paid to have a real estate agent). Often you can have ~1.5% of the value of the home rebated to you!





Go to http://www.seekingagents.com/ to find Realtors in your area who are willing to rebate their commissions when you buy.
Reply:NO!!! wait a year. imagine buying a house in california for $450,000 for 7%. now imagine a year later your neighbor buys a bigger house across the street for $375,000 at 5.5%.





house prices are sinking! back to affordable prices. your house is only worth how much someone is willing to pay for it. if you buy a house and comparable houses start selling for less, guess what - your house price falls.





many people are going into foreclosure because:


they buy a house hoping it appreciates. if they can make it to a year, they try to refinance. but when they have a home loan of $400,000 and their property is worth $375,000, they must pay $25,000 upfront in order to refinance. this is not including the closing costs that'll be added on top.





don't jeopordize your credit and life savings yet.





remember, wait at LEAST a year. once you hear house prices are starting to rise, then you can ride the rollercoaster to the top.
Reply:Dont base your decision on the economic market. Because frankly, we will never know what will happen in the future. If you can afford it and it's what your family needs then you have to buy. But for now, its obvious to wait. The market will get better when all the short sales, reo's and foreclosures settle down. Because those are the only types of houses you see in the market. So in actuality prices aren't dropping because these banks have a reserve price.