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When to buy house

December 9th, 2008 at 07:43 am

I wish I could say that I am sitting on a pile of down payment and waiting to pounce at the exact right moment. I am not. I only just recently started putting money together for it. I am in my early 30's. Why so late? Well, life happened. The areas that I will be living in, I can't see myself being able to buy a house for less than 350K. I only have about 10K saved up. Realistically, I won't be able to buy a house for 2 years if I diligently saved anything I can . Even if BF gets on board and contributes, it will take us about 2 years to be able to put a decent down payment. Do you think I would have missed an opportunity by then? I am having a mini panic attack. I would appreciate your thoughts on this topic. Thanks.

7 Responses to “When to buy house”

  1. creditcardfree Says:

    No, there will always be homes for sale. It is more important that you be ready financially to purchase the home. Just stick to your goal...you might be surprised what comes your way to get you there sooner! Good luck.

  2. scfr Says:

    Don't panic.

    I'm also in the market for a house; I could buy for cash right now, but I'm continuing to sit on the sidelines. Personally, I think prices are going to continue to come down. If I find a screaming bargain, I'm ready to jump on it. But until I find that deal or prices come down more, I'm waiting. I should add that I don't have a crystal ball, and real estate markets are very local, so I could be wrong.

    Continue to familiarize yourself with your local market. But before you actually set foot in an open house, have a firm chat with yourself and remind yourself that you are NOT ready to buy right now. Never allow yourself to "fall in love" with a house.

    Best thing you can do is save, save, save. Don't deny yourself your basic needs, but each time you are thinking of spending money on something that is really just a want, ask yourself if that thing is more important to you than your goal of someday owning your own house. Keep your eye on the prize.

  3. merch Says:

    I agree with creditcardfree and scfr. You want a house to be a blessing and not a burden. Another thing is to think about a condo. In Boston, they keep their value pretty well.

    I would also caution you on purchasing a house with a boyfriend. If the relationship ends, you could face a difficult time with what to do with the house.

    I have made my dumbest money moves when I have felt pressured to act. Also, there are always distressed sellers out there because of job lose, death, divorce, etc.

    Good luck and proceed on your time frame not on anyone elses.

  4. Petunia Says:

    What they said.

    You're doing great to get moving on saving up your down payment. I've found that once I have a goal, opportunities open up to achieve that goal. You may find that as well.

  5. gamecock43 Says:

    3 years ago I got "house fever". It was the height of the market and I was only hearing/seeing/learning "buy, buy, buy" from everyone! I had $0 saved. I got to work and have been working and saving for 3 yrs and finally have my goal down payment. In those 3 yrs prices have plunged, interest rates went down, and now people are still yelling "buy, buy, buy". Hindsight is 20/20, you can never time the market, but if you do everything by the book to ensure the house causes you bliss not stress, then no matter the market, you will have bought at the right time. I think.

  6. jIM_Ohio Says:

    buy at age 35, pay off by 65 and retire. Not an issue.

  7. Ms. Pearl Says:

    agree with the first post...there will always be homes for sale along with good deals. I panicked about buying my first house (we were really young...early twenties) and made a terrible mistake. We built an adorable house but the location was awful and we ended up moving less than 3 years later. I miss that house so much! DO NOT do anything without careful thought!

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