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Trusted Contributor
prunoid
Posts: 164
Registered: ‎01-16-2009
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Time to buy was last year ... Time to refinance is now ....

Inventory is still dropping and don't expect an improvement in the near future.

Silver Regular Contributor
vfxdrummer
Posts: 647
Registered: ‎01-16-2010

Re: Time to buy was last year ... Time to refinance is now ....

I agree.

 

That being said, I have an approved offer that I am crossing my fingers goes through.

I am more than happy w/ the deal, regardless of the year bought. If something goes sour with this one, I fear that I am screwed.

This deal is what I've been waiting 10 years for. Wish me luck, peeps!

Trusted Contributor
Mortmain
Posts: 198
Registered: ‎10-29-2012
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Re: Time to buy was last year ... Time to refinance is now ....

Hey vfx, you finally did it. I hope it all goes well for you.

Platinum Super Contributor
buyinghouse
Posts: 5,879
Registered: ‎04-23-2011
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Re: Time to buy was last year ... Time to refinance is now ....


vfxdrummer wrote:

I agree.

 

That being said, I have an approved offer that I am crossing my fingers goes through.

I am more than happy w/ the deal, regardless of the year bought. If something goes sour with this one, I fear that I am screwed.

This deal is what I've been waiting 10 years for. Wish me luck, peeps!


  Good luck!

  Always think about good things.

Regular Contributor
Xindig
Posts: 177
Registered: ‎12-01-2008
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Re: Time to buy was last year ... Time to refinance is now ....

Gah!  Are you all serious?

 

I don't know either way, but why are you guys pessimistic about the low inventory?

Why do you guys think it will continue to be low?

Super Contributor
TuningIn
Posts: 213
Registered: ‎03-29-2009

Re: Time to buy was last year ... Time to refinance is now ....

I've been in the market for 4 years now trying to find a house that I would want to stay in for the next 30+ years. I didn't see anything that I wanted last year or the years before that but now I'm in escrow to close in a couple of weeks. I've noticed that there's less houses for sale yes, but the quality is better this year (better location, layout, etc)

 

Even with the increase in price I have absolutely no regrets, I still think that it's better to pay 10% more this year for a house that I really want than to buy one last year just because it had a lower price per square foot. What do I care, I'm not buying a house as an investment.

 

I know that I'm not going to have any reaction to the increase or decrease in my house's value, because I'm not looking to sell since I found the house that is perfect for me.

 

The time to buy may not have been last year and it may not be until next year. The time to buy is when you find the house that you'll be happy living in for the next 15 years because house prices will fall when interest rises and you'll be committed to whatever house you bought for that long.

 

 

Regular Contributor
casetronic
Posts: 115
Registered: ‎12-09-2010
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Re: Time to buy was last year ... Time to refinance is now ....


vfxdrummer wrote:

I agree.

 

That being said, I have an approved offer that I am crossing my fingers goes through.

I am more than happy w/ the deal, regardless of the year bought. If something goes sour with this one, I fear that I am screwed.

This deal is what I've been waiting 10 years for. Wish me luck, peeps!


Whoa whoa deal of the decade??  Details plz! =P

Silver Regular Contributor
vfxdrummer
Posts: 647
Registered: ‎01-16-2010
0

Re: Time to buy was last year ... Time to refinance is now ....

I would love to gives details, but don't want to jinx it.

If it successfully closes, I will spill the beans.

 

Let's just say, it's a property that I see us holding for the life of the mortgage, and would easily cash flow if

anything goes wrong. It's the perfect house for us & I'm just crossing my fingers that it all works out.

 

Also - I found it completely randomly, when I wasn't even looking. The house literally found me.

If it all goes through, I promise to explain in more detail.

 

Thanks for the positive vibes.

Regular Contributor
Xindig
Posts: 177
Registered: ‎12-01-2008
0

Re: Time to buy was last year ... Time to refinance is now ....

No one?  No one wants to explain their reasoning why they think inventory will remain low?  Would just like to hear your point of view.  Especially when an agent just told me yesterday she believes inventory will go UP in 2013.

 

Bueller?  Bueller?

Trusted Contributor
gree3616
Posts: 198
Registered: ‎02-05-2010
0

Re: Time to buy was last year ... Time to refinance is now ....

[ Edited ]

Xindig wrote:

No one?  No one wants to explain their reasoning why they think inventory will remain low?  Would just like to hear your point of view.  Especially when an agent just told me yesterday she believes inventory will go UP in 2013.

 

Bueller?  Bueller?


Asking a Realtor for advice on inventory is like asking Oprah for advice on dieting.  Bottom line is that no one knows exactly what's going to happen.  My 2 cents tells me that inventory is very low right now because lots of folks have decided to re-fi and stay in their homes rather than upgrade.  In addition, short sales and foreclosures are starting to taper off finally.  As prices rise and people feel comfortable that they can get out of their homes at break even or at least a few bucks over, then inventory will go up.  If you absolutely don't have to buy a home right now, I'd wait a little longer as I am seeing some homes go for close to 2006 prices, which is INSANE.