Need help for buying a Condo

njgal · February 3, 2009, 4:26pm

I am thinking of buying a one bed condo and putting it on rent.

Is it the right time to buy? Do you think housing prices will go down in the next 6-12 months?

Mirch · February 3, 2009, 4:29pm

Re: Need some financial help

In NJ ? The title of the thread is misleading. Many People will not click on it for obvious reason. :D

njgal · February 3, 2009, 4:30pm

Re: Need some financial help

yes

Mirch · February 3, 2009, 4:31pm

Re: Need some financial help

refer to this link:
new jersey real estate market - Google Search

firenze · February 3, 2009, 4:42pm

The house market + overall economy will not be stable until the end of this year or start of next year. So the best advise is, wait. Save your cash. As the credit will continue to be more tighten in coming months, people are going to suffer more. Even stable income will be less !

njgal · February 3, 2009, 4:48pm

Re: Need help for buying a Condo

I don't need this money in the near future. It's sitting there. I want to invest it somehow but my 401K is already in the market and I don't want to put my other savings in there.

Do you still think I should just sit on it and not invest it in real estate?

firenze · February 3, 2009, 4:54pm

I am not recommending to invest in real state, market is not stable yet, no one knows yet what is the bottom. Credit is stop flowing already, so "Cash is king" ..
Put it in savings account, buy a 6 month or a year CD.

Advise for everyone: Don't take risk these days, period !

njgal · February 3, 2009, 5:19pm

Re: Need help for buying a Condo

I guess I'll stay put.

syani1 · February 3, 2009, 6:21pm

Re: Need help for buying a Condo

There's going to be a surge of homes for sale this spring, and prices will continue to be depressed. It's difficult to say where we'll be 6 months from now.... but it won't hurt to wait it out a bit. I agree with Firenze; temporarily, until there is some stability, hold on to your money, because you just don't know at this point. Inshallah if things to begin to improve in 6 months or so, you won't have missed the boat, and buying a condo to rent out will be a great option for you. As for 401k.... argghhh... just don't even look at it. It's too depressing. I'm just extremely grateful I'm not at retirement age where the state of my 401K matters that much.