So you want to catch the trend on the way up. I'd say that is not now. You will only be able to see the trend after it has been in place for awhile. Buy then and you have a good chance to ride it up for awhile. There is always a chance that you will buy at the top of the trend, but the chance is not large.
On the other hand, if you are buying a home for other reasons, and you are going to live in it for a very long time, (7 years plus), then right now just might be a good time to buy. You will likely weather the downward trend and still be there for the up trend.
Bottom line, you never really know when it is time to buy. But peope need to live somewhere and you need to either own or rent from someone else who owns.
Additionally, if I do wait another, the risk of the market going up is extremely minimal. Appreciation will only be 1 or 2% vs. the potential 10-20% drop.
Thanks- looks like a much smarter decision to NOT BUY RIGHT NOW.
I don't have the crystal ball but every now and again the market does a cleanse or correction. It is the ebb and flow of this business and our economy. Many times it is in 10 year cycles.
The housing market has been in an upswing since 1996. We are doing a bit of a correction. How much we do not know.
It's a great time to buy if you are looking long term. If you are looking at flipping of very very term buy smartly.
One year on, is now the right time to buy you ask. The answer is an emphatic NO!!! The Ace predicts real estate price declines heading into 2009 of an additional 20 - 35%. I was right before and I'm right again, follow the Smart Money.
An honest real estate expert.
If Forbes is right.......NOW is the time, so get busy. Start by checking out the article.
The "Eckler Team"
Century 21 Almar & Assoc.
Venice, Fl 34285
Only a fool would buy a home in this market as it will depreciate between 20% to 50% over the next three years.
Now is a terrible time to buy!
If you compare "actual" income/value, think again.......... many people has been layed from their jobs!
Also my personal rule of thumb.... lower the asking price myself about 5%.
Then again, you need to clearify your objects: investments or.......
At this point you can decide, remember it's a buyer market, real estate don't spoil, and people loosing their jobs, gladly will negotiate the price before Foreclosure or better yet I'll do it for you.
It's definetely always a good time to buy with a "smart" agent, if you know your goals!
Check me out !
i am not in tampa but the market conditions and the subprime mess is a countywide issue.
good luck .... go buy something you can afford, and use representation.