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Oh, the $64M question! In addition to what has already been provided, all I will say is that no one has a crystal ball. Think about the past year or so when the so called "experts" were wondering if (1) are wein a recession or (2) entering into a recession. The majority said oops, we've been in a recession.
In my view, the same applies to real estate we are only going to know when the "best time" to buy was when it has past and the market starts to increase. I can't begin to tell you how many sellers have said "oh, I should had sold when . . . " and I predict that we will soon hear, "I should have bought when . . . ."
Let your personal circumstances guide you as in the long term Real Estate has proven to be a solid investment over time.
Love and Peace,
Francesca, Realtor, ePro
It's a good time to buy a house......... if you WANT to buy, and are lucky enought to be ABLE to buy. If you want a place to live in, own, and call your own, then go ahead and buy. But....buy for the long term.
Don't buy for the short term, or if you are looking to make a quick profit - that's certainly not going to happen.
Years ago people bought homes on an emotional level as places to live in, create memories in and raise families in - they didn't buy a home thinking of it as a business transaction for the short term. Having write-offs for property taxes and mortgage interest made it even more appealing than renting. So.... people bought homes.
During the boom, thinking became skewed........ home buying became a quick way to get rich for some - often greed took over - it held a promise for quick profits and lifetime financial security. That thinking was really skewed, and unfortunate.
In my opinion, we should be back to the "good old days" way of thinking. Buy a home - live there 10-15 years -if so, you won't care whether you bought now, 3 months from now or 1 year from now.
So.........If you're asking if it is a "wise investment" to buy now...............rather than wait? Check with me in 6 months or a year, and I will be able to answer that for you with certainty, as no one can "time" the market or predict the ffuture.
Best wishes to you whatever you do!