While markets may be crashing and the prices of homes dipping it doesn't mean YOU should be investing YOUR money in the market unless you:
* have access to credit
* have fat cash reserves
* arenâ€™t already over-exposed to real estate
* have a secure job or income stream
* expect to hold the property for at least two years
Good news is prices of homes are dropping and mortgage rates are dipping, so, the short answer is, yes, it is worth considering but necessarily worth doing until you have seriously reviewed your financial position and outlined why you are buying and how long you intend to own the property.
Hope that helps ... We have done some interesting blog posts on this if you are interested in reading more:
Success! Real Estate and Mortgages
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Good luck to you.
I agree with the previous comments about being financially ready.
Real Estate values are local, just like your weather. So, don't listen to blanket statements that you hear about everything going on in the market. If you already know the area you are interested in buying, you should research the area to find out how things are performing and get expert advice in that area.
If you do buy, don't look at the "current value" of your house until it is time to sell. The market is still unstable so that would just worry you. Be satisfied that you can afford your payments and the place is yours.
I'm in escrow right now in CA
The best advise I saw in the answers was to get an agent that is an accredited buyer's agent (ABR) to help you and show you comparable recent sales to support the values.
The $7500 first time buyer tax credit is a nice gesture and can help but remember it is only a interest free loan not a gift. That being said, I am always interested in interest free loans, just use it wisely. Paying off other debt is the most practical use of any interest free loan.
Happy House Hunting!
The best time to purchase a home is during a "Buyer's market" which we are currently experiencing. With this said, it is a good time to buy.
Also, any knowledgable investor qill tell you, the best time to buy is when everyone else is selling. That makes the present, pretty appealing.
However, in light of the most recent turn of events, we suggest that any buyer, wait a while(a few weeks) before making a committment.
The "Eckler Team"
Great question good luck.
Helene M Moore