Hello Matt,

The short answer to your question is that attempting to time the market is fruitless. If you plans for owning your condo are are 5 or less years, I would suggest that you wait until you are ready to put down some roots.

And now I am going to go out on a limb here and would like to offer your agent a plug. Either she has a heart of gold to offer you such a substantial gift, or is doing so very well that she just does not need the money. but with the high cost of gas, health care and an unstable economy, I would think that this is the last thing you might want to do. Think about it, you could retain a stranger and put the fee into their hands, or work with a friend or family member and contribute to their well being. Think about it. When ever you are taking up her time, you are potentially robing her of time spent with a paying client.

Hope this helps, and by the way, check out my new listing in Malden. Might be just what you are looking for.

Matt,

I realize that you asked this questions over a month ago. But I did want to bring to your attention that Malden is holding a "Buy Malden" weekend. The city is very pro-active. Malden was just voted as one of the best places to live. If you would like more details, please feel free to get in touch with me.

Unless you are absolutely in love with this specific unit, I would take your father's advice and wait. The greater Boston market is being flooded with condos and small homes around that price. Banks are asking for at least 10-20% down payments, and only looking to lend 3 times what a borrower earns (as opposed to 6-7 times with 5% down a short while ago). That means there are far far fewer young people who can afford these properties that are increasing by the day. If you can wait until around November, you should be easily be able to find something comparable for $15,000 less.

Your father may be on to something. Check out this blog post we just posted:

http://www.territoryre.com/wordpress/?p=322

Unfortunately, Malden according to a recent study, is considered the number 1 most distressed area in Massachusetts according to this new study that calculated foreclosures, short sales, etc. Since the area is in such distress it will likely continue its decline and distress, and take the longest to bounce back.

This doesn't mean you can't get a good low priced deal there right now but it may take a while for the value of your property to see any kind of spike. I am not sure about "out appreciate" ... I would make sure you crunch some real market statistics like absorption rates, sale price to original price ratios, etc, and then make an educated decision. I do agree with brecht saying if owner occupied it should be a long-term investment, although most buyers these days don't see it/or invest for that reason even if they are living in it. Just write down your needs/desires of ownership and study the market and then make a decision.

Again, this is simply my opinion based on market statistics/ facts.

good luck!

I've sold out 3 condo projects in the Malden neighborhood you describe and I have a number of multifamilies on the market or under agreement this minute in the same. So to answer your Malden question YES, this is an area I expect to out-appreciate a lot of other areas over the coming years. As to buy now vs. buy "at the bottom" (wherever that is) it depends on how long you are going to be there. If you're thinking short term you're making a mistake. Real estate is a long term investment and if it's owner occupied it should be something that will suit your needs for many years, twice as many as whatever you're thinking right now.

Thanks for the question. Your situation is very common especially with the way that the market is going. Agents will tell you that it is a great time to buy, with rates low and inventory high, ESPECIALLY if you don't have to sell a home first. Your family and friends are the ones who are watching the television to get their information, and unfortunatly the media doesn't like to tell you how "good" things are. They tend to focus on the negative. My advice is to stick with the professional. No one has a crystal ball that can predict the future, but as an agent who works in the city and outside of the city as well, I believe that it is a great time for someone to buy if they don't have to sell something and can take advantage of the low interest rates. Hope that helps.