I considering purchasing a home within the next month or so, and will need to go through FHA loan. I'm wondering if it's even worth the whole trouble of attempting to close escrow before, in California, the $8,000 tax credit. Something in the back of my whispering to me not to purchase until the end of the year. I keep having a feeling that things, housing being one of them, still falling in value.
I'm I alone? I'm currently renting a two bedroom with my family and if I was to purchase today, I'm looking at paying almost double for becoming a home owner. If I wanted to purchase somewhere where I'd like to see myself for the rest of my life, I would need to pay between 2,500 to 3000 payment. Is all worth it? Should I wait? Any realtors out there in the Southern California area that can help.
I've heard of people submitting offers and never hearing from anyone after. And also heard that I need to submit offers for over the asking price, roughly 30 to 40k over the asking price.