A post on the real estate market

A post on the real estate market

I was pretty surprised to hear from DH that he was seriously wanting to buy a new house. On one hand, it is the right time to buy a house with home prices dropping and all. However, we have no money!!! LOL!
We're still in debt from his being in school the past 2+ years. We had used our current home's equity to get us through those 2+ years. If we were to buy a house now, we'd no doubt have to sell our current home which as the trend has shown will not be easy. If we don't sell it, there is no way we can pay for 2 Mortgages on top of the payment we have to make on our home equity line of credit. Just not feasible at all.
If we do sell our current home, I think it will be below its fair market value. We'd still be selling it above what we had paid for. After all, we bought it just before the meteoric rise in home prices. But still, why would we sell at below market price if we don't have to.
Re: mortgages, I think the rates are going down again. It really is a buyer's market. It might be a good idea to refinance our current mortgage loan. There are sites out there that give you free quotes. I'll have to ask DH to crunch some numbers if it will be worth it. A while back we had considered it but decided against it because it just did not seem worth it with all the points and charges we were going to incur in having to refinance.