If you think prices are "still high" then don't buy at this time.
Keep in mind that unless you are a 100% cash buyer interest rates are on the rise!
Last week at 5.625% and today my lender was quoting 6.25%.
Interest rates are expected to rise over the near future according to the economic experts I have been talking to.
Let me ask you:
Do you plan on buying the home to live in?
How long do you plan on owning the home?
What in your opinion is a good price to pay for a home? ($ per sqft)
This is a "rare buyers market" where you can buy homes for the same price of less than they were 10 years ago. Everything in life evens out and what went up, has come down (too far in some areas) and will go back up.
Did you know that the number of units sold when comparing July, Aug & September 2007 to July, Aug, & September of 2008 is 38% higher! There were approximately 10,100 homes sold in 2007 but 15,800 in 2008! Sales are up - bank owned properties are getting multiple bids, short sales are getting accepted, new homes are selling too.
In some areas I think the market will go down another 5%, in some areas I have seen prices increase over the previous 2 years (Adult Only Communities). But what if interest rates rise to 7, 8 or 9%?
Carlos, you have to decide what is best for you. If it doesn't feel right, then don't buy, but don't miss this excellent buyers market!
Paul and Greg (previous answers) are both right in what they have said.
Keep in mind that some builders can not go any lower because they paid "X" amount of dollars for the land and purchased building materials when they peaked. I showed a home that was a new builder spec that had been sitting since 2003 last weekend! That's a 5 year old spec home that has never been lived in!
Hire a buyer's agent REALTOR, are services are usually 100% FREE and we have access to the best data and advice.
FREE List of the 10 Best NEW Home Builder or Resale homes in the price range and area you desire: http://www.623BestBuys.com