Nobody can answer this for you. The only question that matters is, what do you think and is this the right time for you to buy? Just use your common sense mixed in with a few of your dreams, and don't go into debt any more than you can afford. If the worst happens we're all in the same boat anyway.
Best of luck.
The key determining factor is do you think the interst rates will be higher or lower this time next year?
Many experts will predict a slight increase 3-5% whcih would be in line with standard apreciation.
But every home and situation is different with regards to sellers so again its all relative.
If you have a home in mind that you really like and if you can succesfully negotiate a great deal then it would be a good idea to take it.
If youwould like more detailed information on the market in Hollywood hills, then drop me an e-mail and I can send you the most accurate and up to date real data.
Hope this helps
First Team Real Estate
I think now is a great time to buy if you can afford the payments. I have personally seen 3-4 buyers lock in 5% and under interest rates over the last few weeks and who knows where interest rates will be next year. In my opinion it is not worth waiting if you find a property that fits you well and the payments are well within your range. If you cannot find a property that fits within these parameters, then it may be worth waiting.
I follow Hollywood Hills listings closely.I believe there are going to be more foreclosures on the way, however they sell very quickly in the Hollywood Hills and you need an agent who is experienced and can move quickly on them.
Keller Williams Realty, DRE #01715002
Even as the market recovers we cannot expect to be back at 2005-6 values for quite a while. As you examine past low points in the housing market, you will see why we should expect there to be a recovery that takes around twice as long as the length of the downturn. For example, from the highpoint in the recent market, (feb 2006 or so) to the bottom is about 3.5 years. We can expect, comparing to past recoveries, that the time it will take from the bottom to get back to that high market level is approximately 7 years. Any way you slice it, it's a long way to go, but we are already seeing the clear signs of a recovery starting. Buy property now while interest rates are historically low and values have declined heavily!! =)