Everyone has been talking and asking me about the real estate market these days. There is not a day that goes by and I am NOT asked "how's real estate? what is the real estate market doing?" MY answer is that "the market is active."
Yes the market is active and will always be active whether up or down. The market is about YOU the consumer. There will be people transferring from one state to another, there Will be someone needing or wanting to upgrade to a larger house, there will be someone wanting to buy their first home ever, there will be those that want a vacation 2nd home and last there will be those that will be downsizing. So the market is active!
There's been lots of publicity about the market, mostly negative however I can see and hear a trend that is slowly changing and there is a subtle shift in the media as well.
Many people express the wish to wait until next year, the prices will be lower, the interest rates will be lower. That of course is a risk in and of itself. Price may be lower and then again they may be higher same with the interest rates. How many times have you waited for that special dress or some thing at your favorite store to be marked down or on special sale only to discover that it was purchased by someone else? And then you kick yourself for having waited. Sometimes you snooze you lose. So if that is OK with you the go ahead and wait it out. Hopefully you won't kick yourself for waiting a year from now.
The truth is NO ONE can accurately predict the real estate market, any better that the stock market experts can predict the price of gas next year. When you purchased your home in 2006 or 2007 you more than likely got a great interest rate as long as you stay in the house for a while like 5 or 7 years )(which I recommend) when by then you will benefit with the market eventually rising.
So if you are in the market for a home it's foolish to wait for a slightly better deal... when you have a smorgasbord of houses on the market and the advantage right now of low interest rates.
For most people, moving is tied to a life event rather that to market timing. It's more about how and where one wants to live - can afford to live - than the bottom line accounting.
So if now is the right time in your life , shake off the anxiety,determine what you can afford, decide what's important in a house and neighborhood and start looking for that new home!
After all, it's a good time to buy! :)