The Finance Castle Rotating Header Image

When Exactly Should You Buy a House?


 It”s frustrating sometimes when following things like the Real Estate Market. When the housing bubble was building up, we were told to stay away because prices were simply too high. Now that it”s dropping like a rock, we”re told to stay away because things are going to get much worse.

Given the choice between buying at a top, and buying at a bottom, which would you choose? Things are pretty bad out there right now, according to our friends at Yahoo:

“The Commerce Department reported Monday that sales of new homes dropped by 26.4 percent last year to 774,000. That marked the worst sales year on record, surpassing the old mark of a 23.1 percent plunge in 1980.

The government reported that the median price of a new home barely budged last year, edging up a slight 0.2 percent to $246,900, the poorest showing since prices fell by 2.4 percent during the 1991 housing downturn.”

Ouch, right?

I”m currently in the process of saving for a home and I”m no rush at all, but I”m sure many people feel like they really Our online store offers a big variety of drug testing kits, which would let you go through the hair follicle first check home drug test without any stress or worry. don”t have all that much choice in the timing of their purchase. If you have a kid on the way and just enough for a down payment, are you going to put off purchasing a house so you can save/make more money from your investment (if you view a house as one, that is). The answer it probably not. It”s important to note though that if you have a house that you live in forever, the underlying value of the home isn”t nearly as important. If you think your house is a “starter home” that you”ll let go of once you”re on to bigger and better things, the value of the home, and how it fluctuates, suddenly becomes an issue.

I”ve gone back and forth on the matter of purchasing a home and renting. I”m not firmly entrenched on one side or the other, and I know it”s a hotly debated issue in the personal finance blogosphere. The bottom line is that I”m not convinced of the financial benefits that purchasing a home provides, but owning a home also provides you with a unique piece of mind.

I”m not about to buy a starter home, however. I don”t intend to take down a big mortgage and spend the three decades in debt. I intend to purchase a home outright. A smaller, modest home that I can live in for years to come. Whether this plan will pan out or not I”m not entirely sure, but my S/O is on board, and we”ll see how things turn out!


0 Comments on “When Exactly Should You Buy a House?”

Leave a Comment