Last weekend, my open houses were busy, and I met first time buyers who were still waiting for the market to bottom out. Many have misgivings about whether or not this is the best time to buy. It is nearly impossible to time any market, especially the stock market or the real estate market.
But real estate is a long term investment. Buying now makes good business sense if you plan to stay in your home for several years. And as we all know, purchasing a home isn’t just an investment...it is where we live and raise our families. Rather than simply trying to time the market, we should be reminded of this fact and instead, focus on choosing the best home.
Although we anticipate moderate home sales in the near term, buyers are ultimately expected to respond to much improved affordability conditions as well as the $8,000 first-time home buyer tax credit. It’s just a matter of time, and the market will pick up. And when it does, it will translate into more competition, less inventory and possibly higher home prices, resulting in less purchasing power. In the long run, waiting could prove expensive.
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