Why wouldn't you buy a house NOW?

Because I already have one. =/

There are many reasons not to buy right now:

1. Inability to get a loan...nobody is making loans that make sense; they all want 5-10% down and the criteria bar 90% of the country from qualifying.

2. Job insecurity and layoffs...unless you are certain that your job is recession/depression proof...you may be unable to make a mortgage payment at any rate if you lose your job.

3. We haven't seen the bottom yet....next year there will be houses selling for 50% less than they are right now....you should wait and let the market 'resettle'. Many more people need to lose their homes...many. Then the values will plummet again. That bis when you want to buy....2010 or 2011.

4. Wouldn't you feel silly buying a house for 350000 today when you could buy the same house for 175000 in 1-2 years? I counsel "PATIENCE" and :"PREPARATION". Start saving now and I mean really saving...get 10k-30k set aside and revisit the market in 24 months. You will be very happy you waited.

Ok,

because of the pesky little question in our minds. What if I lose my job? What if I can not get another? It is bothering the banks too so they are not being to friendly with giving out loans. Now there are super cheap foreclosures how there that we could probably pay cash for, but you must realize that these houses need thousands of dollars worth of repair and may not be up to code to live in.

By the way I am fed up with hearing, "...bought homes they could not afford" that is crap because we could afford it at the time.

Unemployment in one major industry has a domino effect on all other industries. Those who are employed do less shopping, vacations, car buying, home buying etc. Leading to even more lay offs.

LOL!!! I know someone who is 'upside down' in their house. They bought it for $750,000, it is worth $350,000 and they have a $500,000 mortgage on it. It is well kept and has at least $35,000 in improvements in it in the 8 years they have lived there.

So what they have done is to get one of their kids to buy a house down the street for $350,000 (it is bigger and fancier than their current house) and they plan to ABANDON the house they live in!!!

I am in moral conflict over this; they were victimized into buying the house. But the solution set is wrong, too. So yeah, people are buying houses. But geez!

Because in the wake of the economic meltdown, people may not be as confident about their job security, may be making less money, and banks are being more conservative about who they give loans to.

If feel like you're in a financially secure place and if you can get a loan and find a good deal on a house, this is indeed a good time to buy.

I'm not an expert, but this is my understanding.

This is the Perfect time to buy - if you can get a lender to lend you the money. That is the problem - the lenders are not lending money for mortgages, or at least are very selective as to who gets any money. As long as your income is steady and your credit rating is good, I would hope you would be a candidate for being the recipient of some of that money the banks are holding on to. Good Luck!

Because not many people are selling now? No really, now is actually quite a good time to buy..

But, we are going to be in this recession for at least 10 more years...

The prices can decrease even more. So only if you're driving a wagon lead by a REALLY lucky horse, then it'll be a great deal to buy a house now.

I believe it is about luck, link. nice rhyme. ; )

Excellent question.

People are too afraid to do anything at this moment with the economy in the toilet.

But the people don't understand is us, as the society, need to spend more to get the money flowing again.

The easy fix to help the economy is to spend spend spend.

so the reason know one is buying a house is that they are too afraid.

A Tent doesn't tie you down too much and has little expenses

And why buy today when they will be cheaper tomorrow. Use some common sense!