Buyers can't wait for the headlines to say, "Buy Now". Headlines will only let you know when the best time to buy has past.
Shaun Rawls, Atlantana GA.
True words, now here is something to consider; If you are waiting "until prices come down more" you may be putting yourself at risk on the interest side of the equation. A1% increase in interest rates will pretty well cancel out a 10% price drop depending on the type of mortgage. Let's face it we live in the payment not the price. Think about that when you are ready to buy. Calculate the difference in your monthly payment when comparing properties on your short list and you may be pleasantly surprised at what you can afford. If you are sellingright now with the objective of trading up, the savings on the larger, newer property may well outstrip the lower price your current house sells for. Here's an example: If values dropped by 5% and you sold your $200,000.00 home for $190,000.00 and the $400,000.00 property you want to buy is affected at the same 5% the purchase price would be $380,000.00, that’s a savings of $20,000.00. Then over time as the market turns and the property values increase by 10% the value of the old property is up by $19,000.00 and the value of the new property is up by $38,000.00. Buying in a Buyers market makes sense, wait till it is a Sellers market and you might be in a competing offer situation on the property you did not buy when it was advantage buyer. Buyers Market. Great rates. Make the right move.