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I'm especially talking about short sales,but might consider a non short sale home if prices drop furthur.
I want to buy a home,but am torn between buying now,or waiting 6 months to see what happens.
On the one hand,I don't want to let a good deal pass me by. On the other hand,I want to pay even less than what I see is out there. My conscience was telling me not to buy during 2006 to 2008,even though my family kept trying to "push it".
I know people that bought in 2010 and 2011 and wished they had waited when they see housing prices now. One I know did it because of the $8000 in 2010,but better homes are on the market selling for less.
Just buy a house you want to live in for a long time. The question is are you buying for yourself to live in happily ever after, or are you looking for an investment to resell in a few years and hoping to make a profit. I think prices are only going to go up from here, time for a great bargain is over.
Depends on your area. In my area, prices are up, demand is up, and inventory is down. The right time to buy was 12-18 months ago. I do not anticipate prices falling any time soon.
For other areas, maybe they will.
I will say this though...interest rates are rising. Even if prices drop in your area, you still might not qualify for any more house because of rising rate. Unless you are paying cash, I think now is better than later. And even if you are paying cash, in some areas, prices are already rising.
Trying to time the 'absolute bottom' of the housing market (in any particular area), is a lot like trying to do the same in the stock market, with individual stocks. Housing prices and interest rates are about as low as they have ever been. Will they drop further? ... Anything's possible. Likewise, a sustained increase in overall market prices will take some time. However, we are most likely 'out of the woods' - as far as another sustained 2007-2009-type drop is concerned (Who knows what political and economic events will shape this(?)) -- If you are looking for guarantees, sit on the sidelines indefinitely and watch, rather than act -- In that way, you are guaranteed to 'miss the market'.
If you are ready and able to buy and find a property you like, at a price you consider fair, you should probably buy. You can always offer less than the asking price (it's still a 'buyers market' and will remain so for a while), but, trying to catch the 'absolute bottom' will more likely cost you money in the long run. Unless you plan to 'flip the house' at a big profit in the near future, - time and the markets are on your side. (BTW, 'short sales' have the potential to tie you up for 6 months, and then, still not close at your price - 'buyer beware').
as others have said, each market is different. In my area prices are going up and inventory seems thin. There are still crazy people hanging out with homes for sale for 360 days or whatever, those prices may still be ridiculous for a few years.
I suspect that prices are through dropping in my location. I'd suggest that you start to worry more about interest rates. It's no bargain to get a house for $10,000 less but have to pay 2% more interest. These low interest rates can't last forever.
I know people that bought in 2010 and 2011 and wished they had waited when they see housing prices now. One I know did it because of the $8000 in 2010,but better homes are on the market selling for less.
Like others have said, all real estate is local. For most of the country, late 2010/most of 2011 is the bottom. The people you know who bought then should be enjoying a nice appreciation now. The fact that you said they aren't, and prices continues to fall despite the rest of country rising; tells me that you're in a very unique market. Doubtful anyone here can answer your question since your market does not follow the national trend.
I suspect that prices are through dropping in my location. I'd suggest that you start to worry more about interest rates. It's no bargain to get a house for $10,000 less but have to pay 2% more interest. These low interest rates can't last forever.
I think we are done here for the most part. Now home prices will be about debt to income ratios and what people qualify for so interest rates vs. home price will be the thing for this year.
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It all depends on the LOCAL market
