Online House Hunting

Is buying a house at low price smart right now?

my wife and I are purchasing a home in vegas this month, and we have enough for the downpayment plus another 4 months worth of payments and anything we might need, but we will need to get jobs a.s.a.p to continue saving in our account. Her dad wants me to stay here in california were Im currently employed for another month aways from my wife and child while my wife looks for a job, so I can atleast keeep sending money. I dont want to , I cant leave my wife and 5 month old child by themselves, is the economy that bad that I wont be able to find a job in las vegas in less than 4 months? I work in sales, like furniture or anything like michaels or anything really, any comments? I wont stay becasue I dont want to. p.s mortgage would be only $1,050 a month including property taxes and insurance

Public Comments

1. you need to take a deep breath and look at the big picture. with out a job you do not get a mortgage in any case. That is first on your list before you even think about moving to Vegas. So take a few days and go there and interview with some company's and get that first. BUT stay in the same line of work as lenders need that to approve your loan
2. Buying a house before you have a job would be foolish. You are taking a gamble that you may not find a job, in which case you would be quickly foreclosed upon and ruin any chance of buying another house in the near future. Plus, it would probably be impossible to get a loan without a job. I recommend that you try to find a temporary job in the new area first. Then find an apartment to rent. Pay the extra fee per month to get a month-to month lease so you don't get burned with penalties later. Once you settle into the new area, look for a better, permanent job. Once you find a better job, then you know what you can afford for a house and you can get approved for a mortgage. This still gets you into a house within a few months (while the market is low) but it carries a lot less risk then buying before you have a job.
3. Don't buy. Buying a house at a low price is smart. Buying a house in the worst market in the United States when you only have enough money for 4 payments, when you'd be unemployed, and when the U.S. is entering a recession is insane. No. No. No. Her dad is giving you excellent advice. If you absolutely refuse to stay in California, then rent a place in Vegas. It'll be less expensive than purchasing, and once you get established and get some work history in Vegas, then you can buy. You can also consider doing a lease-option on a property in Vegas, if you find one you'd like to buy. But, until you're established there, with work history and more than 4 month's worth of payments, you absolutely should rent/lease, rather than buy.
4. First of all, I don't think anyone would give you a mortgage without a job. Second of all, the economy is definitely that bad that you may not find a job in under 4 months. With the projected job losses as high as they are, every one of those people getting laid off is going to be out there competing for jobs with you, and Vegas would be a place hit hard by the slumping economy. During times of economic doom and gloom, discretionary spending is the first thing that goes, which includes leisure travel / tourism (Vegas's main thing), gambling (Vegas's main draw), and purchasing of anything considering a non-necessity (like furniture, which is what you have experience selling) I would say it is very likely that if you do find a job in Vegas, you may not be able to count on keeping it over the next 2 years. However, if you have a steady job in a market that has good job stability, buying a house at a low price is an excellent idea. However, I think as the economy continues to crumble, the housing prices could go even lower, so you may want to rent for a year, and once you feel fairly secure in your job & ability to pay a mortgage for more than 4 payments if you lose your job, buy then. Good luck.
5. I am sure you can find a job if you are willing to take anything but you might not find one paying what you might like right away.