How about Buying a Property in USA now?

Friends,
Is it a good time to buy properties at this time? Real estate is down and the properties are available in cheap rate. Also, Is it possible for a H1 to buy properties in USA?

Thanks,
Kanmani

Hi Kanmani,

I can answer the second part of your question. Yes, H1 B holders can buy property in the US. There is no visa restriction on them on buying a house or land.

Regards,
Aarushi

Don't do the same mistake, they did in 1997. Yep it looks cheap.. but the market is going in recession and its not yet started. Rebound will take more than 4-5 years they say... So THINK !!! its your money

Depends on a variety of factors. As Nandu indicated, it may take a while for the housing market to rebound. So if you are prepared to ride it out then yes, it is a good time to buy. Please also take into consideration your own situation like employment, monthly income, savings etc. In the event of a job loss do you have the savings necessary to pay mortgage for a set period of time while you look for another job? (These are things that people should think about anytime they buy a home, not just in a recessionary period). The flexibility with renting is that you are much more portable. You can break your lease and ca go, if it comes to the worst. With a house, you have to put it up for sale or rent it out... These are all things that you need to weigh.

Originally Posted by Boo

Friends,
Is it a good time to buy properties at this time? Real estate is down and the properties are available in cheap rate.
Thanks,
Kanmani

Also consider the factor that it is more difficult to procure a loan now and the initial deposit one needs to pay has been increased to 20% from as low as 5% [ in UK ]

I think so too. My friend bought almost bought a house last week and found out she lost her job this week.
Not to discourage you .Just be careful!