If your city had the weakest housing market, would you buy or rent?

According to an article on Yahoo, Detroit is #1 for the weakest housing market. If you lived in an area where people couldn%26#039;t give away homes for free, and houses are being foreclosed left and right, but you had to stay (for the time being) would you rent or buy? I am hesitant to invest in a house with the national housing market the way it is. A friend of my husband%26#039;s bought a small house in a suburb of Detroit and invested thousands and thousands of dollars into it. I would be worried that if I needed to move, I would either lose money on the deal or wouldn%26#039;t get a buyer. My mother in law has had her house up for sale for a year. My husband and I rent. Many say that is throwing money away, but in an unstable economy, it is nice to not be locked into a 30 year mortgage. Especially, when our unemployment rate is almost double the national average.

If your city had the weakest housing market, would you buy or rent?no fax loan

I%26#039;ll tell you that there%26#039;s no way I%26#039;d be able to move my home right now for what I owe on it...but in the long run a house is a positive investment. If you%26#039;re not looking to turn if over for a profit and stay put for awhile you can%26#039;t go wrong...renting is nothing but throwing your money out the window. At the same time though...looking to buy right now - I wouldn%26#039;t jump into anything as the buyer probably has more options at this point. The rates are still real low and where sellers are throwing incentives into the game, that%26#039;s not a bad thing for you!! I would keep my eyes open for a good oportunity. The economy won%26#039;t stay this way forever and you wouldn%26#039;t want the interest rates to go up too much either because those could also kill you in payments. If you%26#039;ve been renting for awhile and are comfortable with it, stay planted until you see an attractive deal. If you know what you can handle for payments and you find a quality house...think of where you%26#039;ll be in 30 years with it....

If your city had the weakest housing market, would you buy or rent? loan

Think of it this way...the housing market WILL NOT be this way forever and when it does bounce back whatever you bought will skyrocket in equity. I say buy now.|||You do have a dilemma. Personally I would rent for 6 more months but keep a close eye on the area and houses you are interested in. Compare what is selling and for what price. The Detroit market hasn%26#039;t bottomed out yet so be careful.|||Definitely rent. I certainly would not invest in real estate in the #1 WEAKEST market. Wait until you decided where you want to settle permanently and then buy.|||It depends on weather someone is ready to invest, buying a house is an investment, and some experts would argue that it isnt a great investment but an ok investment; it you are not ready to invest then rent and save-up money.|||When there are a lot of houses on the market and nobody is buying, that is the time to buy a home.

Remember, the three most important things when buying a home is location, location and location.

If you and your husband have stable employment, a 20% down payment and decent credit, now is the time to go for it.

If you have children, look at a home as a way to build an estate for them, or even build equity that you can draw upon with a refinancing, so your kids can get a decent university education.

Real estate will always be a good investment. Look at the tax breaks for the interest and property taxes.

Give this some serious thought.|||First compare the difference in cost on the same house

rented or mortgaged .

If the rent is lower , you probably should keep renting .

Second , look at the projected prices . If they are not rising or worse declining , I would wait at least a few months to see if there is a possibility of appreciation .

Also, if you buy , you are responsible for all maintenance , repairs , and of course committed to the mortgage regardless if there is a decline of the property%26#039; value.|||I wouldn%26#039;t buy in Detroit, unless I got a killer house in a GOOD part for an absolute steal! Yes, the housing market SHOULD bounce back, but in an area like Detroit it could take years. If you are going to %26quot;invest%26quot; in buying a house there, be sure that you%26#039;re planning for a LONG-term investment.

Check out the real estate charts (I live by these things)

http://money.cnn.com

See the real estate link|||rent with the option to buy.|||people always want to buy when the market is high and don%26#039;t want to buy when the market is low. first of all, don%26#039;t buy if you don%26#039;t want to or if you%26#039;re not comfortable. But if you%26#039;re comfortable buying (or taking a home for really cheap/free) do it. the market will recover or the world will end. either way, you%26#039;re set.|||FYI - You will keep so much of your money if you rent out of Detroit!

Detroit is a bad investment at this moment of time.

Success To All,

John Lopez

realestatemichigan@yahoo.com

313-258-1001

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