So the time has come for me to start looking at houses for the next stage of my life. In the past I've seen tons of helpful websites and sources of information but I'm interested in what you guys have found to be useful resources.

Thanks!

 

My advice would be to first start looking into what financing options you have. With the recent tightening of credit standards many programs have been cut and it is somewhat tougher to get approved right now. Once that is taken care of, it will also give you an idea of what price range you can afford.

Once you have your price range check out all the home sites, such as realtor.com, forsalebyowner.com, etc. Also, many will point to Zillow.com as a way to get an idea what the house is worth. For the most part, the site is grossly inaccurate.

Also, check out what the assessed or taxable value of the home is. Never ask the agent or homeowner what the taxes are every year, as once you buy the home it will get re-assessed and generally you will pay a higher amount than the current owner. You can calculate the taxes once you know the taxable or assessed value and multiply it my the mills in your community.

Good Luck,

Christian

 

The best advice right now....provided you have good or better credit, at least 20% percent down payment banked and ready....is to wait.

All roads lead to a soon to be bursting of the housing bubble. Houses that were 180k a scant 3-4 years ago doubled or tripled in price. That is in economic terms...inflation or better yet...hyperinflation caused by easy money and speculation.

Next year at this time....say for example a house that is currently $300k, do not be surprised at all if you can get into it at 200k or lower. Patience grasshoppa.

In the meantime....good luck and happy hunting. It doesn't hurt to start casing neighborhoods now and doing research.

 

Thanks guys. Resources like Zillow.com are things that I had forgotten about. I'm not planning on buy until about next summer. I'm closely watching the market trends and keeping my fingers crossed for continued decline. I'm fairly confident that this trend will continue in spades as GPMike mentioned.

I'm looking at areas around Minneapolis right now and trying to decide what kind of lifestyle I want for myself and my finance/wife over the next few years. I think we may shoot for a smaller home in a more trendy area to enjoy while we are young and without kids. Can't say I'm sure about all this yet though. I still want an easy commute to work.

 

There is an indepth thread on nsxprime in the off topic forum discussing premortgage opinions.

 

FICO score - go to a site like www.myfico.com and get your credit rating. The better (higher) your rating, the better your mortgage options will be.

I had an 809 score when I applied for my mortgage, and I knew exactly what the rates were and how low I should be able to get.

If your score is on the low side, see what you can do to improve it within the next six months.

 

My advice would be to buy a house as remote as possible, without putting yourself too far away from the places you want to go.. work, friends, night life, etc. Silence is golden and space between your house and the neighbor is wonderful. Unless you want to be in the city or center of town, I see no reason to buy something on a busy street. If you have to get in a car to drive places anyway.. whats the difference between a 5 minute or 10 minute drive? A quiet neighborhood.. thats what

 

As far as the housing bubble bursting.... don't count on it in most parts of the country. Most of the housing issues are confined to 7 states and they have more to do with layoffs (NE) or recent unbridled, and unsupported appreciation (such as Las Vegas).

I am not aware of how the Nashville area is going price wise, but you are almost always better to buy sooner rather than later when it comes to housing.

Sure you want to make money on your house, but that isn't the primary reason to own a home. Most of the time the other concerns and benefits far outweigh the pricing variations.

Go to Financiersmortgage.com or ez-fsbo.com for some textbook like straight talk financing &/or buying tips. They are not glitzy sites, just informative sites.

 

I'd think that Nashville real estate if quite similar to Cincinnati real estate. Prices have probably not risen as sharply in the past as in other parts of the country but the selling market is still soft and sellers wanting to move their property. It's probably a good time to buy a house especially for a first time buyer if your credit is good.

I'd be taking a look at houses with assumable loans. That way you can take advantage of both a softness (and commeasureate decrease in pricing) in the seller's market and the excellent assumable rates from recent years.

 

He said he's looking in the Minneapolis area, not Nashville