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Interesting article ... As you point out, there are as many articles saying, "No, now is not the time to buy ... wait for the double-dip, etc." Perhaps the answer to the question has less to do with the housing market and more to do with the individual buyers and motives (?) -- (Of course, if one is a realtor, it's always a good time ... for 'everyone else' to buy a house!)
-- If one is looking for a great selection of affordable places to live, at prices that are 40-50% lower than they have been for several years, and interest rates that can't get much lower, then, "yes", it is probably a good time to buy a house! One has to live somewhere and home ownership typically offers a more stable neighborhood, a greater sense of personal stability, tax write-offs, and other advantages. (And they are willing to deal with the maintenance and upkeep costs and aggravation of a house).
-- If, however, one is still looking at a home as a short-term 'investment' --with a 5-10% annual appreciation expectation; ... or if one's living or job situation is unstable or temporary; ... or if one's credit-rating has been trashed by a foreclosure or other economic problem... then, "no", it is probably not such a great time to buy a house.
-- The area and local financial climate is also a consideration. Some 'markets' are better than others or have better future prospects -- For example, we recently moved from a heavily over-built, middle-income 'market' that is saturated with foreclosures, where a major employers has recently laid-off thousands ... and prices still seem to be declining --- To a high-income, second/third home 'market' where prices seem to have bottomed-out and are heading back up ... where foreclosures/REO's are receiving multiple bids, ... that doesn't depend much on local employment.
--- In these cases, it is a poor time to buy in one market (Melbourne), yet a very good time to buy in another market (Destin) ... even though the two markets are only 500 miles apart.
Last edited by jghorton; 10-28-2011 at 10:34 AM..
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