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In your opinion

jas3443 said: "Is now a good time to buy a house? I know there are varying opinions so I just wanted to see what the consensus on here was."

Aligator said: "[QUOTE=jas3443]Is now a good time to buy a house? I know there are varying opinions so I just wanted to see what the consensus on here was.[/QUOTE] I would think so if [I]you[/I] are ready. That is, [B]if[/B] you find one that you can afford, [B]if[/B] you have the down payment saved up, and [B]if[/B] you can obtain a 15 year note and have a good chance of paying it off before the 15 years has elapsed."

FirefighterB said: "Depends on your area, too. There's a pretty solid chance you could wait another year (+/- 6 months) and possibly end up getting a better deal. The worst of the mortgage loan resets has just begun to hit and could be bad in your area, depending on the real estate market in your city and on which state you're in. Some states have MUCH longer foreclosure timeperiods. I think Texas is around 21 days late on payments before they can foreclose, where New York State is, on average, 488 days from missed payment to foreclosure. Big difference and will change when the markets will "suffer" from foreclosure woes. But, Aligator's points are great ones. Especially getting the 15 year loan, as opposed to the 30 year (avoid the ARMs, IF AT ALL POSSIBLE). Find an interest calculator and you'll be downright SHOCKED at how much more money you end up paying for your house on a 30 year loan as compared to a 15 year."

EWhytsell said: "I agree if you wait a little bit and are in a down market you'll probably get a pretty good deal. Probably no longer than 6 months to 18 months. Though that is just a guess and I heard today that florida has 36 months of condo inventories at the moment. Hopefully thats just florida and a few other hot spots. Though I know around here I've heard we have a 7 month supply of new builds. Evan"

lil dickie said: "If you are renting it is for sure. :th_dblthumb2:"

AlfredSokol said: "Depends on how cheap rent is."