To rent or own, that is the question

[ragani]

The last couple of weekends have been taken up with the great apartment search. I love where I live, but it really is not big enough for me, my lovely roomies and chaosloom. And really, in align with that "starting our new lives together" thing that we are embarking on, it seems like a good time to strike out on our own. Timing wise, we should probably move out by the start of September, because that is when one of the roomies returns from abroad, and things will get much tighter here.

We have looked at a range of places, some decent, some ridiculous. We even found a great one right across the street from where we are now and thought we had ended the search, only to be turned down because of chaosloom's credit. One friend, who just finished law school, pointed out that is was illegal for them to have turned us down when my credit and income is enough for me to take on the lease on my own, but we are not sure we want to pursue that "fight back" route at this time. Sigh...

Meanwhile, we have also talked about the possibility of owning. My step-mom thinks this is the perfect time for us to look for a place to buy because of the the current market conditions. There are any number of first-time home owner assistance programs in the towns where we are looking to live. There are even ones that are based on low-income, for which we might qualify for now (based on 2007 income), that we might not qualify for next year.

But really, is it a good time to buy? If so, why? And, what is the first step?

Comments

[xthread.livejournal.com]

This is not yet a good time to buy.
The market probably has another year of shaking out coming, and if you buy now, you will have to watch as the value of your property falls, which is ... not pleasant, for most people, before it starts to recover.

As another poster has pointed out, getting a loan right now is also... exciting.

[japlady.livejournal.com]

yah what he said. The market especially around you is still shaking itself out, in part because your bubble was so big.

Here in chicago, not so much.

[xthread.livejournal.com]

Actually, here in NorCal, we're down much less than people from outside the area expect - the Bay Area hasn't fallen much, though it's fallen some. Stockton and parts of Southern California have fallen off a cliff, however.

But there's still more down coming.