I agree with Karen. The $8,000 tax credit is a huge incentive, and you never know what's going to happen to interest rates in the next couple of months. Plus I've heard talk that we actually might be heading back into a seller's market.
The moral is, things are good for buyers. Could they get better? Sure. But you never know. Trying to "time the market" could help you or hurt you. I say whenever you feel you are ready is the time to take the plunge. It's probably the best time in history to buy a home in Rochester. How exciting that you'll be able to take advantage of it!
If you want more information about home buying, feel free to visit my website at http://www.KristenWahl.com and click on the "Buyers" tab to the left. You can request free reports that can help make the process easier.
As far as waiting or not....somethings you should know. There are many incentives, first time home buyer programs, home savers clubs etc.... in and around Rochester that provide first time home buyers with FREE money for closing costs and down payment assistance. Knowing your options could save you thousands, literally!
Only you can truly decide if the right time to buy is now, but I would recommend at least having a conversation with an agent or mortgage professional to understand just what your own personal options are.
I would like to offer my two cents ... the market is strong in Rochester. Is it a bit slower then we'd all like? Sure ... but are houses selling every single day? Absolutely.
The $8,000 credit is a huge incentive and the interest rates are the lowest they've been in some time. Last I heard they were in the low 5's and while that's a bit higher than a few months ago ... it's a great rate nonetheless.
If you'd like to discuss your needs further, please don't hesitate to contact me at your convienence. I can offer assistance with no obligations. To find out what might be best for you feel free to navigate to http://www.FindMonroeCountyHomes.com and a search will be set up for you based on ONLY your criteria. When a new property hits the market that fits your criteria -- you'll get an e-mail.
If the only reason you are delaying is to see if prices fall, also keep in mind the benefits you are missing out on like tax deductions, low interest rates and just having the piece of mind of owning vs. renting. As a first-time buyer, you have a big advantage right now with the passage of the $8,000 tax credit. You can even claim the credit on your 2008 tax return if you buy in 2009.....I don't have all of the details, you should talk to your tax preparer to find out how you can maximize your benefit.
I'm posting a link to several articles Nothnagle has published on this topic. Look at 4/26, 6/14, 7/12 and 7/19 articles from 2008. I think you will find them helpful as you do your research.