First-time homebuyers?

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First-time homebuyers?

We still haven't hit the "bottom" yet as far as home prices are concerned, and according to a Merrill Lynch report (http://money.cnn.com/2008/01/23/real_est... ), home prices will drop another 15 percent this year, and declines will continue in 2009. The unknown is just how serious (http://money.cnn.com/2008/01/23/news/eco... ) will the upcoming recession be? The FED is in full battle now in fighting against a monstrous deflationary force caused from the collapse of the housing bubble.

Should I buy yet? It really depends on your area. Real estate is local to a greater extent, just make sure you get a good deal, and by that I mean a very good deal. If you can negotiate a good price and intend to live there, I'm guessing you should be okay (yes, i did say guessing). Mortgage rates are at a 2 year low and expected to come down even further. This will make a difference and will bring in a lot of people who were on the sidelines back into the market. Okay, I'm starting to sound like a Realtor(TM) now. Simply put, I don't believe you should put your life on hold waiting for the absolute bottom and in some areas it may not turn out as you expect.

Be sure to do your homework and figure out what a property would rent for and compare that to what your monthly mortgage payments would be. Here's a calculator from the New York Times (http://www.nytimes.com/2007/04/10/busine... ).

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First-time homebuyers?

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