Mike,
At the risk of sounding somewhat self-serving, I believe that this is the best time to buy. Over the course of the next 12 months this is what will likely happen, I believe:
1. With the government lending out so much money, lending will become tighter and interest rates will climb. Each point of increased interest will raise the monthly cost of a home, making it harder to get.
2. Home inventory is still high, providing buyers with very good choices, but as the short sales and foreclosures get sold off, the selection will decrease and prices will start to move upward.
3. New home construction for 2009 is expected to be at its lowest levels since post WW II. The cost of new homes is expected to climb, but as fewer new homes are available, the cost of resale homes will climb, too.
Feel free to visit my website at
http://docmooney.org or give me a call and we can talk more about it.
- Mon Nov 3 2008, 14:11