Was it bad timing to buy a house in the last 5 years?
I realize that the economy is a mess right now, and will continue to be for quite some tome. I often beat myself up for not buying a house in the last few years, but based on the drastic decline in prices, and the uncertainty of the economy, would have it been bad timing to buy a house?I realize that buying a house is a long term investment, and I feel bad for those who bought in hopes of selling soon, and making money. Many say that home prices have not been this low in 5 years, does that imply that if you bought within the last few years, you have gained nothing, and in many cases, if you sold, you would incur a huge lose? Thanks
- golferwhoworksLv 71 decade agoFavorite Answer
only is some markets. The news is put out there and they dramatize it in such a way as to sell it to the public. Yes foreclosures are up nation wide and greed did this to all in the markets. But, there are many areas of the country contrary to news sources that are steady in fact still appreciating just not as fast as they were say 3 years ago. The media sells hype. Your area may be very good still or it may have declined. Only true professionals in your neck of the woods know for sure.
- jeeperamyjoLv 41 decade ago
As you stated, for most, buying a home is a long term investment. My husband and I purchased our house about two years ago. Granted now, it may be worth less than we paid for it, but I know in another 10-20 years, the market will go up again. We have no plans on selling in the near future, so I am not worried about incurring a loss when we do decide to sell.
- 1 decade ago
The answer is not simple. It depends where you bought. Some areas the houses are no longer worth the original price. In that case yes the decision ended up hurting the home owner. In other places home values have only fallen 10 to 15% which is not the end of the world. The problem for buyers now will be finding lenders especially if your finances are challenged.
- erlyLv 44 years ago
sounds such as you get carry of sucked right into a 'deal' that basically makes the lender rich. many times lenders will supply superb little 'treats' like decrease money (no loan is "interest unfastened". They probable merely deferred that interest till later, understanding that they had make a killing out of you) to suck debtors in. happens each and all of the time with places that sell fixtures. besides, human beings get the deal from the wonderful enterprise, and then locate out later that no longer basically do they could pay the interest, they could pay extra interest on what they deferred, and many times the recent interest fee is appallingly extreme. Get your bum off the mattress early on Monday, get the yellow pages out, and look up loan brokers. Make an appointment to work out a broking provider ASAP. They source loans from many diverse businesses, so as that they are able to many times get you a aggressive fee on a private loan, and that i'm specific they are going to get you a extra ideal deal in case you refinance. i could decide for an extremely low fee variable, and make extra payments now (on a similar time as fees are low interior the US -- fortunate buggers, i'm in Australia and that i'm paying almost 9%!) and save a 'climate eye' out to the financial device. In 3 hundred and sixty 5 days that's an concept to restoration your fee for some years. you will get a extra ideal cope with a broking provider. concepts you, i decide to propose which you examine each and all of the expenditures and expenditures you will owe for breaking the present loan. yet get out of it, in case you in all probability can. superb needs