Evidence that now is a good time to buy a house?

Question

My mom and I would love to buy a house in Seattle for around 350 thousand dollars and have the house that we currently own (no mortgage) in Caldwell, Idaho rented out until the market gets better and we can sell it at a decent price.

Unfortunately, my father is convinced that waiting until the summer of 2009 is better. He thinks that the market is going to continue to get worse and that if we wait one year we'll be able to get a house at a much cheaper price next summer.

If anyone has any "evidence" helping my case that now is the best time to buy a house, such as newspaper articles suggesting now is the best time to buy a house, please let me know. Also, any general advice on how to convince him would be appreciated.

Answer 1

Unfortunately there will be no huge light bulb appear or some major sign that things are OK again.  Keep in mind mortgage rates are on the rise, so that will likely offset any lowering of prices.  You need to find the time that's right for you.  Do you have the down payment?  Do you have the income to buy it?  Do you absolutely love the house you're interested in. Ask yourself questions like that.

Answer 2

If you have $70,000 dollars to put down, bring home $135,000 per year and can rent your existing home for market rent, now is the optimum time to purchase a new home for $350,000 or less.