No one knows for sure what interest rates will be in the future, but indicators point ot stability.
Market prices are quoted for the aggregated averages of the closed sales in an area. Individual bueyrs and sellers strike deals that are both above and below those averages. If you are flexible, you have the oppty to seek out those motivated sellers and buy at a favorable price that may be less than the average market performance in your area.
Make sure to get yourself pre-approved for a mortgage before you go out house hunting. This will allow you to know how much home you can afford.
These questions are good questions for you to be considering, but it's kind of like going into a doctor's office and asking if now is a good time to have a surgery? The doctor would want to know if you are sick, injured, or ill. She would want to do tests, exams, and scans. She would not do a surgery if you are healthy. Your health and body are unique to you. So is your position for buying real estate. Like the doctor, I would have lots of questions. I would do a needs analysis with you. I would refer you to talk with a mortgage lender. I would find out about your situation. The truth is, now is a great time to buy for some people and an awful time to buy for some people.
I give some more advice and share, financial guru, Suze Ormans advice about house buying in my blog article link.
Sue Stark, ABR, Realtor
Prudential Community Realty
As far as whether or not you should buy right now, a lot depends on the real estate market in your particular area. All real estate is local, and some markets are very hot and some are very cold right now. You should talk to a local professional about what is happening in your area. If you are planning to live in the same place for 3 or more years, and you have decent credit, in general, now is a great time to buy.