In my opinion, buying right now is the best time! Rates are low and the pricing on homes are great (from the buyer's perspective). So if you are contemplating buying versus renting here is an example I just used to post for someone in Dublin Ohio:
--> I wrote her because she was considering renting for $2200 a month. I did some quick research
--> on rates etc and here's what I found: taxes (in that particular area) are over $500 a month, I used
--> a conservatively high figure for homeowners insurance with that, you could purchase a
-->$230,000 home and your PITI payment would still be less than $2200/mo.
So far as selling: there have been a lot of foreclosed homes sold. Yet there are still a lot of foreclosed homes sitting there waiting for the owner (HUD, FNMA, FHLMC) to be able to get through all of their legal processes in order to be able to release the home(s) to agents for sale. (The location would determine how many homes are sitting there.) However, what that means is due to a lot of homes where prices were so good, they are purchased fast. Therefore, the home(s) YOU might want to sell/flip the value will be lower. Lower value, lower purchase price.
I hope you have found this information helpful. If you're looking to buy and need help with a prequalification/preapproval, I'd be happy to work with you on it. You can call me 888-659-3848 or apply online: http://kimlawsonloanofficer.com click the big orange button "apply now" to access the secure server.
Best to you in your search,
Licensed Ohio Loan Officer
Licensing: NMLS: 5601 OH.LO.004495.000
First Priority Financial, Inc.
"Where Open Minds Close More Home Loans"
748 N Court St Ste 201
Medina, OH 44256
MBMB.850147.001 NMLS: 3257
We are an equal opportunity lender.