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      10-25-2008, 09:02 PM   #12
skibbs
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Drives: BMW
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Quote:
Originally Posted by vAnt826 View Post
Yes I'd wait actually alittle more then just a couple of months. The market hasn't bottomed yet and no one really knows when. Judging by the stock market it seems like we are still going to go down.

If you take out a loan right now, your rate will be very high as banks are still uptight about lending money to empty credits.
Not true at all, rates are very good right now. ~6% for a 30 year fixed and ~5.5% for a 5/1 ARM. Now is an excellent time to buy with lots of inventory and lots of eager sellers. Pending sales are up in this area and new inventory is coming on at a slower rate. Things are looking up. You can't time the real estate market month-by-month, that's silly. If you're looking for a home for yourself, finding a home that you truly like and can see yourself living in for a few years is more important than hoping the price drops another 2% before someone else buys it. Since he is looking for an investment property, it's even simpler - rents are increasing a lot in the Seattle area and vacancies are low. There aren't many new apartment complexes being built now which indicates that it's a good time to purchase rental properties. If you can purchase a rental home and and charge somewhat close to what the mortgage would cost you, then you'll likely turn it into a profitable asset in a few years and be able to supplement your income for a few decades during which time you'll also enjoy the appreciation in the home price and the mortgage paydown. I'm also looking for rental properties in the area at the moment.
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