Best way to buy a house now?

A friend wants to buy a house in Arkansas so she can go live by her Grandbaby. With the stock market down as it is, should a person borrow and hope the stocks rebound, or cash it in and pay cash?

Just my personal opinion but now seems like about the worst time to buy in the last 10 years but... without a crystal ball it might be the best time to buy for the next ten.
I personally wouldn't cash out in this market unless I had to.

Sorry no help

Best house to buy today is one on wheels.

I would say it depends on the neighborhood. If you are buying in a meth head neighborhood, probably a bad idea.

I think you are right. That's what I'm in at the present.

Definitely not meth.. Just outside Fayetteville Ark.

Tell her to get pre-qualified asap. Interest rates are expected to climb 4-5 more times this year.
She will need to make a weekend of looking at houses. Also she needs to be prepared to offer more than asking price. The market is still insane.

Sailboat!!

If I was selling -I would make it happen quick-- it is showing some signs of softening here -- if i was buying I might hold off for 6 months or so -- what you lose in interest rates might be offset by the drop in purchase price . We are in a liberal state though -- trying to second guess clueless people is a whole nother game.

all depends on the purchase price and how much is in the 401k. will this be a third of the 401 k ? how long before retirement? Just to many unknowns to make a call.

Send a p.m. to JBYRD63, he'll set you straight.

She just did. She looked at it awhile back but it sold, then the buyers backed out, leaving earnest money on the table, now the price dropped 10k. What a circus.

Agreed. SIL and daughter living in trailer house right now. Property is paid for. He asked me other day what I thought about them building house right now. I told him no way in (This word is unacceptable on Trapperman), wait until late fall and see what the heck gonna happen. Cost to build a house and interest does not make sense IMO.

If the buyer was so anxious to get out they left earnest money behind, and now the price is lower..........and in this market it hasn't sold..........there's something wrong with the property!

Well it was inspected and passed, and it'll be inspected again So...maybe something will show up.

Personally for me I would borrow the monies and watch the market grow back again and it will it is a matter of time. When the market does go back up one can always take out some of the newer earnings and pre-pay on debt if one chooses to do so.

Bryce

1 scenario might be the buyer offered more than the bank would write.
Other scenario is even though "it passed" inspections there might have been enough minor issues to back out possibly the owner didn't want to fix anything listed on the report.

Historically 5.5 interest rates are a good deal.