Before making any purchase - whether a home or condo, new, old whatever - you have to evaluate why you are purchasing. Generally speaking, if you plan on staying in a particular property for at least 5 years and you can get a good deal, it's a good investment. Keep in mind also that an older unit will probably have lower property taxes because of the age of the unit. At the end of the day, a good deal is a good deal. Even if the prices continue to decline, they won't do that forever. Trying to time the real estate market is almost like trying to time the stock market; next to impossible. You should hire a buyer rep to work FOR you instead of merely WITH you to help you make the decision. You're paying a commission already so why not take advantage of the market conditions. If I can assist you in some way, please feel free to contact me.
Certified Buyer Representative
Century 21 Princeton Properties