Can you answer these real estate questions for me?

Question

Will real estate prices keep going down and how much do you assume?

When's the best time to buy a house?

A friend told me to wait for 5 months to see houses continue to go down and then he said but this is the time to buy because at the end of those 5 months everyone else will want to buy too.

So when's the best time to buy?

Answer 1

It is a buyers market right now.If you find a good deal, get it.

Answer 2

5 months?  

People that are waiting on a quick fix on the real estate market are D-R-E-A-M-I-N-G.

This is a long-term deal we have going.  The prices are still predicted to go down for the next 2 years.  

Remember that they have been threatening for the last 3 years that a bust WILL come...well, nobody believed it, well, it happened.

5 to 7 years...you will see properties start to rebound in value.

The whole thing takes about a  10 year cycle when something this significant happens.

Answer 3

Nobody, and I mean nobody, can correctly, accurately, and consistently predict real estate prices.

Best time to buy?  When you find a home that you like, that you want to live in day to day, and can afford.

Too many people think of a home only in terms of dollars and cents, and price appreciation.  A home is someplace you will be spending 14 or more hours per day in.  If you like it, then buy it.  You'll never be able to time the market perfectly.

Answer 4

When you find what you want and can afford it!

:-)

Answer 5

Don't try too hard to time the market.

Buy when you need and can afford to.

Five months sounds good. It gives you time to save more money and to house-hunt to see what's available and what the prices do.

Anytime you can afford to. Don't over-buy and don't do tricky financing.