To Buy or Not To Buy

Tuesday, February 19th 2008, 6:00 am
By: News 9

How do you know when to buy a house or hold off? Interest rates are falling but foreclosures are up.

Here are 5 reasons to buy right now. 

1.The prices in the area you want to buy are stable. 

2.You plan on living there more than 5 years. 

3.If your rent would be the comprable to your mortgage payment. 

4.You've found the right house for you. 

5.If you already have equity and are moving to a place where homes are cheaper. 

Here are 5 reasons to hold off buying right now.

1.You've lived in your house less than 2 years

2. Your job is uncertain.

3. You don't plan to stay in your next house at least 5 years.

4. You don't have good credit or a decent down payment.

5.You have an existing home to sell in a neighborhood where prices are dropping precipitously or where the number of foreclosures is spiking.