Comments on: First-Time Homeowners, Consider Buying in 2008 http://www.moneycrashers.com/first-time-homeowners-consider-buying-in-2008/ Personal Finance Blog, Your Guide to Financial Fitness Fri, 10 Feb 2012 01:50:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: H_Roarkehttp://www.moneycrashers.com/first-time-homeowners-consider-buying-in-2008/#comment-5641 H_Roarke Wed, 26 Mar 2008 14:59:23 +0000 http://www.moneycrashers.com/first-time-homeowners-consider-buying-in-2008/#comment-5641 Remember that housing markets take a long time to recover compared to the stock market. Thus, the housing market will not be going up any time soon (4-7 years). Also, a better way to judge house prices is to compare it to rental prices in the same area. Once you have all of the information for the rental and the potential purchase, look up the NY Times Rent vs. Buy calculator (google it) and put the numbers in. This will tell you if it's financially better to buy. This won't necessarily prevent the price from going down, but it provides some comfort that it is close to a bottom. Remember that housing markets take a long time to recover compared to the stock market. Thus, the housing market will not be going up any time soon (4-7 years).

Also, a better way to judge house prices is to compare it to rental prices in the same area. Once you have all of the information for the rental and the potential purchase, look up the NY Times Rent vs. Buy calculator (google it) and put the numbers in. This will tell you if it’s financially better to buy. This won’t necessarily prevent the price from going down, but it provides some comfort that it is close to a bottom.

]]> By: ekrabshttp://www.moneycrashers.com/first-time-homeowners-consider-buying-in-2008/#comment-5638 ekrabs Wed, 26 Mar 2008 13:27:14 +0000 http://www.moneycrashers.com/first-time-homeowners-consider-buying-in-2008/#comment-5638 Yes, I agree that it's a buyer's market out there right now. Please be sure that your personal financial situation is ready for buying before doing so. Yes, I agree that it’s a buyer’s market out there right now.

Please be sure that your personal financial situation is ready for buying before doing so.

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