Buying a house/condo - Is it time?

Question

Hello all,

I'm living in southeast Florida and renting, but we know that this has been a buyers market recently so I'm definitely in the market looking to buy an apartment or condo. My question is: In this down real estate market is now the time to buy or should I wait to see if the market gets even lower?

People were saying last year that the autumn/winter of 2008 would be the time to buy but I've been reading the news on the internet that more foreclosures are piling up which brings the market down, so maybe I should wait a little longer?

What reasoning or proof does anyone have on whether now is the time to buy or not?

Thanks!!!

Answer 1

People who try to time the market are often disappointed. Learn your market and if it's true values are plummeting wait until they stabilize.

However, it's ALWAYS time to buy if need a house and you can afford it. Don't over-buy. Don't buy on emotion. Be careful of your financing decisions. Avoid loans with prepayment penalties.

Buy the worst house in the best neighborhood rather than the best house in a bad neighborhood.

Answer 2

Yes it's time.    You might take a loss in the near-future but over the next 5 years it should recover.

Answer 3

Real Estate prices have been significantly decreasing and a very low today.  However, they are predicted to go even lower in the coming year.  Maybe wait a little longer if you want the best deal.  Buy now, your home could be worth even less a year from now.  

Real estate prices have been going down, but not expected to rise any time soon.

Answer 4

You have to balance the risk of further market decline against the risk of future interest rate increases.  No one knows for sure - there is no "proof."  If you plan on keeping the home for a long time, now is a good time.

Answer 5

NOW is always the best time to buy real estate, especially for the long term. If it goes down some after you buy it, that won't hurt in the long term, as it will almost always come back up and you will get your equity. So you really need to ask yourself, how long am I going to keep this condo? If the answer is two years or more, I would go for it.