Missed that in the later post. Still, I suspect Minneapolis is a lot like Cincy and Nashville. Prices did not rise as far as other areas. Prices have not taken as large of a drop. Houses are moving but it is a soft selling market.

 

Three car garage.

 

Go get Home Buying for Dummies. I found that there were some simple things in there that I didn't know that helped when I bought. It's a real easy read and if you learn one thing from it, it paid for itself.

 

Whatever you think you can afford, deduct 25% from that.
IE, you can afford 200k, look for homes in the 160k range. Use that 25% as a cushion.

 

& 2-3 grand for a two post hydraulic lift

 

Jason, you do know the market will keep declining for several years....I'd wait a couple of years if i were you.

 

I've thought the same thing, but it's always going to be a gamble from that perspective. Plus if I can find a home that will, at the least, stay stable my payments will be doing a little more than going to meaningless rent.

 

I've thought about the same thing. I can afford to buy now but I won't
let's say I have my eyes on a house listed for $800K. I am paying $25K a year in rent. I'd rather pay rent and wait to buy a same house for 650-700K a year or two from now. my down payment will also be substantially more as I save money in the next 1-2years.
people predicit that interest rates will rise and that'll offset any price decrease. However, I'd think the overall payment will be lower no matter what the interest rate will be. also, property tax will be lower.

 

If I had a nickel everytime I'd heard that one and if you'd deducted $10,000 everytime it was true I'd be rich and retired now.

There are just so many things wrong with that statement that I don't even begin to know where to begin. It is quite obvious that you have no experience whatsoever in the real world of real estate.

Buy now. Buy often. And as long as you aren't stupid about it you will always come out ahead.

If you lived in an area that you could buy an $800,000 house for $650-700k in a year you'd be stupid to buy a house when that happened. They whole area would be a ad for an "Escape from New York City" movie. An area with that kind of depreciation would be blighted, there'd be boarded up houses everywhere and everyone would be out of a job.

The only thing you are doing with that mentality is making your landlord rich and you poor, not to mention the fact that you are still renting and have none of the perks and freedoms of actually living in your own home.

RENTING SUX!!! You could afford to lose money on a home and still come out ahead over renting.

 

You should start here, then make up your mind: www.thehousingbubbleblog.com