What is your biggest fear about buying a home?

konnor aiden · Joined: 14 Sep 2009 Posts: 18

The reason why ppl aren't buying is because the stock market has been going up and down way too much! Mostly its going down everyday. It is not a buyers market in my opinion. House prices are going down. Houses are no longer worth what they were when you bought it. So how can ppl buy if they cant sell their own house?

mortgage-experts · Joined: 18 Oct 2009 Posts: 3

I think most people's fears including my own personal ones about buying a house is that you would either need or want to move and not be able to sell it, or at least not be able to sell it for what you paid for it. Losing money is the main fear since houses are "supposed" to be an investment.

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

People are not buying because many of them no longer qualify after all of the changes in the lending guidelines.

Elmira Nancy · Joined: 13 Nov 2009 Posts: 28

Many people are having trouble getting up the down payment . and even if it is a buyers market , buyers will be careful since the job market stinks ... the unemployment rate is going up.

DanAronG · Joined: 17 Oct 2008 Posts: 103

I think the main barrier is deposit, particularly for first time buyers.

But for homeowners it is often the mindset that if they sell now they are selling for less than the property is worth. People often find it difficult to accept that the value of any asset will fluctuate and they hang on to previous higher prices and think they are being ripped off if they sell.

askmr · Joined: 11 Dec 2009 Posts: 3

The price in the is not stable, you're not sure if you are going to make profit in the time your going to sell the house you bought.

JPowell · Joined: 20 Jan 2010 Posts: 103 Location: PA

The whole buying process scares me to be honest. I don't like rejection so getting turned down repeatedly is really bothersome to me.

My credit isn't great so I don't think I'll be able to get a good loan and I don't want to sign onto something that I can't handle. I really want to own a house though...

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

I just keep seeing falling rents. I have an apartment, and the rent is down by $115 from when I moved in. Just down the street are 500 units of condos that have been sitting empty for a year, and are going to get dumped on the market in some fashion, whether it be cheap rentals or sales. There are several other buildings like this nearby. It could be expensive to buy a house now, only to see falling rents push the prices of houses down further.

JPowell · Joined: 20 Jan 2010 Posts: 103 Location: PA

David wrote: I just keep seeing falling rents. I have an apartment, and the rent is down by $115 from when I moved in. Just down the street are 500 units of condos that have been sitting empty for a year, and are going to get dumped on the market in some fashion, whether it be cheap rentals or sales. There are several other buildings like this nearby. It could be expensive to buy a house now, only to see falling rents push the prices of houses down further.

I wish rent was falling in our area but it seems stable. The apartment next door to us has been empty since last summer but our landlords have kept the rent at the same rate in the building regardless.

There's a row of unsold town homes by my mother in law's house as well that are just sitting half vacant... I have to admit though that I wouldn't move that close to her even if they were cheaper than our apartment lol I like that 5 minutes of warning when she's coming over!

johncollins · Joined: 26 Jan 2010 Posts: 7

People are not buying because housing is still overpriced and the easy credit is gone.