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#1
11-30-2007, 06:50 PM
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Re: Looking for some general advice about buying my first house.
Do not do it!
Reread previous sentence. We are at the end of a huge housing bubble and things are going to get real ugly. There will be blood in the streets. Interest rates will go down because the Fed has no choice. Auto sales are getting crummy. This is no disrespect to Detroit. If you can deal with the cold it can be a great place. However, if you continue to pay $300 a month rent for the next year, you should be able to purchase what most people consider a mansion for the price of what you are thinking about paying for a townhouse today. Housing will come back, American autos will come back, interest rates will rise, Detroit will come back, but not within the next year. If you are worried about a bank loan... don't... there will be plenty of desperate owners willing to finance. Also, if you wait and purchase a tired, but still serviceable mansion a year from now it will be a great place to put excess, unwanted cash. Kash is King, keep your powder dry. 
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#2
11-30-2007, 06:54 PM
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Re: Looking for some general advice about buying my first house.
ps everything I just said goes for real estate for the rest of
the U.S. except for the mansion stuff.
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#3
12-01-2007, 12:07 AM
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Re: Looking for some general advice about buying my first house.
[ QUOTE ]
Do not do it! Reread previous sentence. We are at the end of a huge housing bubble and things are going to get real ugly. There will be blood in the streets. Interest rates will go down because the Fed has no choice. Auto sales are getting crummy. This is no disrespect to Detroit. If you can deal with the cold it can be a great place. However, if you continue to pay $300 a month rent for the next year, you should be able to purchase what most people consider a mansion for the price of what you are thinking about paying for a townhouse today. Housing will come back, American autos will come back, interest rates will rise, Detroit will come back, but not within the next year. If you are worried about a bank loan... don't... there will be plenty of desperate owners willing to finance. Also, if you wait and purchase a tired, but still serviceable mansion a year from now it will be a great place to put excess, unwanted cash. Kash is King, keep your powder dry. [/ QUOTE ] I'd recommend that you take this advice with a wheel barrow full of salt.
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