The absolute best time to buy is when it's right and perfect for your personal situation. making credit repairs and saving for a down payment are two primary factors that must be taken into consideration prior to deciding if the market is right.
Other factors to take into account are housing availability in your market, interest rates, and loan program availability. In 8-12 months it's unlikely that the market will "skyrocket" but most are hoping that pricing will begin to inch upward(time will tell).
The bottom line is that there will be an opportunity waiting for you within the next year that shouldn't be drastically different from what is available today. The home of your choice at the present time will likely be gone but there will be others. The prices may be slightly higher and interest rates may creep up a bit but the right opportunity will exist for you and your family.
Take care of first things first by getting your credit rating taken care of and saving for the necessary deposit and other expenses associated with a transaction are your number one priority.
Realistically, home prices are not going to be increasing any time soon as recent news on another foreclosure wave coming in the next several months ahead indicates otherwise. The banks are stepping up their efforts sending foreclosure notices to delinquent home owners which will increase foreclosure and short sale activity in the months ahead.
What you do need to keep in mind are interest rates. They are at or near record lows currently but 8 months from now may be a different story.
Buy when you feel comfortable doing so.
Prudential Connecticut Realty
Strike now. Call me and I can help you get moving.
"Go With a Pro!"
web - EllisGardner.com
fax - (888)663-1076
cell - (423)413-5037
If you are purchasing a home to raise a family or because you want a better quality of life. I recommend going green to preserve the value the best you can.
All the best,
You have spent your time wisely focusing on your credit, paying down debt and saving, saving, saving. The greatest cost to home ownership is not the price of the home but the price of the money you must borrow. The focus of your actions will be much more significant and any modest increase in prices that may occur in the next year or two.
As others have noted, all real estate is local. Some communities here in Tampa are seeing a positive trend line, while other struggle to clear inventory. What is absolutely missing from these statistics is any community showing an inclination of firing up the after burners with price increases.
Keep your eye on the mortgage interest rates, if they start creeping up, its time to take action.
I recently posted a blog here on Trulia about credit scores that you would find of interest, I've attached the link below.
Work on getting your credit score up and over the next year really focus on putting money aside for your down payment and relax you'll get a great deal next year when you are better positioned to buy.
I wish you the best of luck.
There are some neighborhoods in Chattanooga that have already experienced a recovery in pricing. But, I don't anticipate a huge price increase across the board. It will be a slow and steady a recovery. Most importantly, get your credit and down payment ready. This why you'll give yourself the best start.
I can send you by email about 20 slides that are directly from NAR (National Association of Realtors) for 2011 real estate statistics and where the market is headed. I believe from this you can see that you will be fine. Let me know.
Keller Williams Realty
202 Manufacturers Road
Chattanooga, TN. 37405
(423) 664-1900 Office
(423) 595-7958 Direct