When you know you are ready, you would jump. It's never be a good idea that you jump because someone told you so. Waiting is one of the decision not to make decision (for now) and it's neutral than yes or no answer. Warren Buffet's word of wisdom, one says,"Be fearful when others are greedy, and greedy when others are fearful", and another says, "Avoid the costly mistakes of others".

Any buyer today need to think independently. Only those who clearly examined the timeline, finance and plan of action should and will move, while "dependent" thinkers will rely on media and go along with what others think. Anyone who buy home today have to think long-term with solid finance to support their decision.

Renting is cheaper, and you don't have to worry about losing thousands of dollars. And you don't have to mow the lawn.

It's always a good time to buy, it's really just a matter of price at this point. I am working with one guy, looks at everything but buys nothing. He seems to think as soon as he closes prices are going to drop by 50% and he will be stuck like so many are right now. We need to prepare the buyers to not be afraid to negotiate, not being afraid to walk away if the seller will not negotiate to a price the ready, willing and able buyer is willing to pay. After all, what a ready, willing and able buyer are willing to pay IS fair market value. Sellers need to face reality and see the market for what it is ... a buyers market. The pot of gold they had last year has turned into a pot of silver and the homes are just not worth what they were. If they want to sell they need to price to sell. We as agents need to be willing to walk away from overpriced listings and sellers that have not faced reality and are not willing to take our advice... we are the pros and they should let us do our jobs instead of expecting us to perform miracles in fantasy land.

"I agree. You cannot build for less than you are able to buy at the moment. Interest rates are low and the government is offering tax incentive. You should be considering it if you are on the fence."

Sorry, but that is an idiotic answer by yet another idiotic realtor.

Simply because you cannot build for less than you are able to buy in some areas (ie. Las Vegas) does not make a good buy. It simply means if you want to build a house, you are better off just buying one already built cost-wise. Positive cash flow is what makes a potential good buy.

Interest rates are low does not mean squat. Housing affordability is also still low as well.

Government tax incentives. Fine that is a positive, but a drop in the bucket considering costs of ownership.

Another realtor just hyping things his/her way. If anyone has half a brain, it is always easy to rip your "it's a good time to buy" argument to shreds.

I agree. You cannot build for less than you are able to buy at the moment. Interest rates are low and the government is offering tax incentive. You should be considering it if you are on the fence.

We were just recently at peak home ownership levels. And was there anybody who, until recently, couldn't get a loan?

What happened? We overbuilt and overbought. People who should never have bought, be it speculators or "should have always been" renters will be losing their homes for the foreseeable future.

How hard is this to understand? Or do you believe that real estate always goes up and it is always a good time to buy?

Simply because "there are lots of homes on the market" does not equal "best time to buy." Where do realtors learn this logic?

Obviously, this question is 10,000% dependent on WHERE you're looking to buy. HUGE difference between the coasts / sunbelt / Hawaii and Ohio and Michigan or anywhere in the Midwest for that matter (I laugh just thinking about this statement).

The Midwest suffers not only from a lending crash and horrible markets, but for many affluent and even not so affluent new retirees... ...the goal is to move to the Sunbelt or at least ditch the big house for the custom condo. Midwestern retirees who can't sell are simply buying the new house elsewhere and sitting on their empty former homes till they sell.

Midwestern baby boomers all built the McMansions that few people younger than them are willing to buy or can afford to even touch. That and the younger affluent buyers are far more interested than ever in living in the city or old-world, walking neighborhoods like Shaker Heights. I think the oil crises is going to accelerate this trend.

I continue to read comments from Realtors that NOW is the time to buy. Seller's have had a formula that if they paid $1,000,00. 4 years ago that the home is now worht $1.4M.

That $100,000 a year rule of the past just does not work any more. How do these realtors explain recent price reductions from $200,000 to $2M?

Yes, prices will go up again in a year or two, but not as was seen in the "Bubble" period. Real Estate agents with that 6% attitude can say the "medium" price is up, but that does mean that a $10,000,000 Sale and a $750,000 Sale have any relationship to what that house down the street will now sell for. I will be buying, MAYBE NEXT YEAR!

This is not the best time yet!!! Back in the mid '80's people could not give away a home on Maui. People be for warned the housing market will come down. It will come down hard.

Your guess is as good as mine as to what is happening in Maui. Median condos prices have been rising!

The median price of a condominium on Maui rose last month, while the median single-family home price fell, with lower sales in both categories.

The median price of a condo was $600,000, up 23 percent from April 2007, when the median price was $487,500, according to data from the Realtors Association of Maui.

The total number of condo sales for April was 92, down from 116 sold in April 2007. The April figures include the sale of one condo unit on Lanai for $2.5 million. More typical were sales in Kihei on Maui, where the median price from 31 sales of condos there was $499,000.

The median price of a single-family home in Maui County last month was $566,000, down 16 percent from April 2007 when it was $671,000.

The price was based on 72 sales on Maui and one $380,000 home on Lanai. There were 96 sales on Maui alone in April of last year.

For astronomical prices to come to down to eartly levels and more. Don't worry - it will happen. The question is, how soon.

I think buyers are just cautious and a little afraid right now. Buying a house is a huge deal and the thought of losing such a large amount of money makes people hesitant. Only some of the buyers are waiting for a huge price reduction. The rest are more realistic- they're wondering what would happen if they bought the home, and then for some unknown reason had to sell again immediately. If the home's value has dropped at all, they won't even be able to draw even. Plus, they wouldn't have money for the down payment on their next home.

Also, a lot of people are struggling with a cash crunch, and many cannot qualify for that 'dream home' that they could have bought a few years ago. Obtaining credit is much more difficult than it used to be.

I'm waiting for the biggest housing crash in history to transpire so I can buy that $500K house for half price!

Buyers are waiting for lower prices and/ or the "perfect" house. The media has led buyers to believe that if they wait they will get a mansion at a bungalows price.

The reason I waited so long to buy is because prices were just ridiculously high. I have so many friends who, despite their education and finance backgrounds, were convinced into buying a home that they could not afford with "creative financing". Even now, prices keep dropping, why should I buy a run down house when down the street, there is an even better one going for the same or less? Or why should people buy a home an hour commute away when there is comparable homes selling closer to where the jobs are for less??? We're out there, we just don't want to get shafted anymore like friends and relatives. Sellers need to get real with their prices.

The actions of Mayor Tavares to stop condo owners from short term rentals reduces cash flows and makes the properties worth less, much less, so buyers like me think that I will be buying at an inflated price and buying someone else's problem. So we will wait for a crash, or go somewhere else, or buy a cheaper property.

Joseph, feedback I've had is that prospective buyers expect that there will be a big crash here in Maui and that prime properties will be available for 50% below today's levels! Too much media coverage of sub-prime problems, the risk of rising foreclosures and weak national sales is scaring people.
I agree with you - it is a great time to be a buyer.... good inventory, prices and terms increasingly negotiable, mortgages still available, etc. Tell the prospective buyer to help drive down prices - Make An Offer!

Mitchell I think you have hit on something that we are also seeing here in Manhattan Beach Ca.. I suspect it has to do with buyers still being afraid to trust their judgement just in case prices falter.. but if someone else likes the property then it must be a good deal.. Yes?

We have a buyer's market here in Michigan too. Buyers are slow to move and they are getting overwhelmed with the choices.

Joseph, How lucky you are to be a broker in Paradise. I'm finding current buyers seem to only want to make offers when other buyers are making offers on the same property. They only want a property when some one else wants it also.

Joseph.. my parents have their home in Kailua-Kona on the market .. it is a lovely large custom built home with stunning views and not many people seem to be looking at the moment..you can see it at the link below,,