Realestate

**hellfish6** · October 9th, 2007, 07:13 PM

Gentlemen, I apologize if this is in the incorrect forum or it appears to be elementary.

My wife and I are moving to the D.C. area in the coming months. We have debated on whether to purchase a home or wait another couple years. I will only be living in the area for 1-2 years and plan to relocate after that to Georgia for law school. We have about 50k saved for our first home but I want to see your input on what you suggest. For your information, we are looking for homes in the 400,000 range or rent in the 2200 range. Any advice would be appreciated.

**sophie** · March 13th, 2008, 09:00 AM

I was going to purchase a home awhile back and my real estate agent was begging me to do so because it was a buyers market. I can tell you it is only a buyers market if the buyer is ready. It is a big step but can also be a great reward.

**saurabh** · April 6th, 2008, 07:31 AM

hi as far as i can perceive, you should wait for some more years and then buy a good house.till then you should try to gather good info about prices at various places.

**sanju123** · April 28th, 2008, 01:05 PM

I would suggest that right time for buying a house is anytime.If possible just buy and remember it will yield very positive results for you in short time.Real estate investment never fails anybody.

**realtorbel** · April 28th, 2008, 02:25 PM

NOW is definately the time to BUY! It's a BUYER's MARKET just about everywhere! Hopefully you make the right investment and in 1-2 years you will be walking away with a ton of money :)! Remember if you can, buy the least expensive home in the most expensive neighborhood or buy a property in an up and coming neighborhood and start your bidding low- #1 rule of real estate Location, Location, Location!

I'm not an expert on the DC market but its not unusual for buyer's to start 3-5% lower than the asking price when negotiating in a buyer's market. You should contact a local Realtor and find out how things are going in that area

! In regards to the mortgage industry, currently the best terms/rates seems to be tailored for ppl with a middle score of 680 or better for conventional financing. However, there are opportunities out there for people to purchase FHA w/3% down but scores should be 580 or higher and you shouldn't have any dings on your credit that you can't explain or pay off if necessary

. Hope this helps a lil and best of luck to you in ur search and have fun, I love looking at houses

!

**alpha** · April 28th, 2008, 07:18 PM

D.C. is a great place to buy a house if you find one you like and can afford. The problem comes in when you need to sell it. If you have to sell when it's again a buyer's market, there could be trouble. I had a nice house in Virginia just outside DC which we bought when prices were really high -- unfortunately we had to sell when prices were really low (due to some other unrelated family issues). It was painful.

**Adicus** · April 28th, 2008, 08:06 PM

I have my eye on a few Mac Mansions. Original owners paid $1mil and I can snag it for $600k at this time. Just abiding my time to see if I can get that 1 story ranch I live near by.

**princee18** · May 1st, 2008, 07:16 AM

from my experience in real estate i can suggest that you should not wait.If you have the funds then just make your mood and purchase it.In future you may get the same thing more costly so never wait for best chance, just catch the good chance.