How is the Housing Marketing Now? (And Other Related Questions)

Location, location, location! The health of the housing marking greatly depends on where your located. I would say in general it is So-so, but there are pockets of the country that it is much better or much worse.

In general it's a good time to have a mortgage, because rates are at historic lows. Unless you have refinanced recently there is a very good chance the rate you are paying now is much higher than what market rate is now.

If you can, avoiding a real estate agent is usually a good idea to save money. They have fees that they assess on purchases and sales for their marketing services. If you can avoid it on one side you can usually save money.

Agree on the location, check out school districts, age demographics, etc to judge what the area is like.

At under 4% interest rates, buying seems right in the right areas. I would never buy a house without an agent though...but then again, my buying experience was a nightmare.

http://www.thefloridacurrent.com/...d=28437657

Is it a good time to sell and buy a new home that is "not" foreclosed?

If a home owner really wants a new home but still has a '8' years to pay an existing mortgage on a two-family home, what is the best way to quickly close?

Is it clever to pay-off an mortgage then buy a new home or does it not matter?

Lastly, why is the mortgage same for a Homeowner if the principle is low and is on fixed-interest rate?; does it make any difference if the homeowner is on adjustable interest rate?

Quote from arjun90 : Is it a good time to sell and buy a new home that is "not" foreclosed? If a home owner really wants a new home but still has a '8' years to pay an existing mortgage on a two-family home, what is the best way to quickly close? Is it clever to pay-off an mortgage then buy a new home or does it not matter? Lastly, why is the mortgage same for a Homeowner if the principle is low and is on fixed-interest rate?; does it make any difference if the homeowner is on adjustable interest rate?

Is it a good time to sell and buy a new home that is "not" foreclosed?

Your questions are poorly asked.
It's a bad time to sell as properties are at the low of the market value. It's a good time to buy as homes are at their lows and many short sales are bringing home prices down.

If a home owner really wants a new home but still has a '8' years to pay an existing mortgage on a two-family home, what is the best way to quickly close?

quickly close on a new home? Pay cash!

Is it clever to pay-off an mortgage then buy a new home or does it not matter?

they'll look at your credit worthiness as a whole not what's owned out right. It probably helps that you don't owe $ to your first mortgage but you've also got to show good income to pay for your new mortgage.

Lastly, why is the mortgage same for a Homeowner if the principle is low and is on fixed-interest rate?
Google mortgage amortization.

I should ask;

What is the best and quickest way to pay-off a mortgage that still has 8-years left (2-family Home)? How do you buy a new home when a mortgage for the old home still exists? Are there any strategies?

Is it wise to sell your home for Cash or through a Realtor?

If you only want to sell the old home and use those funds for a new home, would it be an appropriate time to sell the old home?

Is it a good time to buy a new home? (Answered: as per your response, yes)

Quote from Superocean : Is it a good time to sell and buy a new home that is "not" foreclosed? Your questions are poorly asked. It's a bad time to sell as properties are at the low of the market value. It's a good time to buy as homes are at their lows and many short sales are bringing home prices down. If a home owner really wants a new home but still has a '8' years to pay an existing mortgage on a two-family home, what is the best way to quickly close? quickly close on a new home? Pay cash! Is it clever to pay-off an mortgage then buy a new home or does it not matter? they'll look at your credit worthiness as a whole not what's owned out right. It probably helps that you don't owe $ to your first mortgage but you've also got to show good income to pay for your new mortgage. Lastly, why is the mortgage same for a Homeowner if the principle is low and is on fixed-interest rate? Google mortgage amortization.

In one of these threads months ago, I pulled this idea out of my ass that it wouldn't be prudent to enter the housing market and go into debt on a home until rates fell further...30-yr T-bill at at least 2.5% or lower.

Well, we're there now. And at the current rate of decent, the 10-y will hit 1.0% and the 30-yr will hit 2.0% in early 2013.

Of course, buying a home has a lot more to do than just the cost of borrowing, but you can pretty much ignore these clueless dolts that scream at you to "buy now" because "rates are at historic lows." The market has better ideas than NAR propaganda.

The OP might talk with a trusted Real estate agent and local banker. These people are more than likely happy to sit down and answer your questions and explain things. Strategy like this in general are really hard without knowing personal financial situations and market conditions in local areas, individual rates, and circumstances.

Generally speaking, when housing market is down, it's a good time to buy because homes aren't worth as much. It's a bad time to sell because homes are not worth as much as you could get.

This however will vary from area to area.

So, what would the average loss be if you are selling a home in a time which the Housing Market is down?

Quote from JL6speed : Generally speaking, when housing market is down, it's a good time to buy because homes aren't worth as much. It's a bad time to sell because homes are not worth as much as you could get. This however will vary from area to area.

It depends. You'd have to get your home appraised and compare to the initial buying price. Maybe you bought your home when it was at bottom price. The value grew a lot, but after the recession hit, it fell back down. So maybe you sell a home now, you just didn't net a large gain, a gain at all, or a loss. It's not necessarily a "loss" because you'd have to compare to the value of your home from when you bought it vs when you are selling. Obviously if you bought a home during peak economic times, and home values crashed, you'd be at a big loss.