Who told you the market was still falling? Sales prices for single family homes in Broward County for 2009 have been holding their own in most neighborhoods. Condo prices are still slipping, and it is also true that some newer condo complexes are TRAIN WRECKS where everyone is upside down! When you buy a condo, you don't just buy the unit, you buy into the complex, so those must be evaluated on a case by case basis. Use extreme caution and the services of a local full time professional before you buy a condo in south Florida.
Back to single family homes. The average sale price for a single family home in Broward County for January was $254,000. In June? $267,000. Every month in between had an average in the range of $243,000 to $290,000. Doesn't look like much of a "buyer's market" or "falling prices" does it?
Most buyers are finding at this point that much of what remains for sale is literally "the leftovers". About 70% of what is on the market right now is Overpriced Crap. It's never going to sell. Those sellers are gradually taking their homes off the market as their listings expire. About 10% of what is coming on the market now are sellers that are priced REALISTICALLY when they hit the market. Those homes sell VERY quickly, VERY close to the asking price in a matter of DAYS. The section in between sellers that have to do one or more price adjustments before selling are staying on the market 120 days or longer.
I do agree with the former postings that stated if you are going to buy you need to be thinking LONG TERM. If there is a good possibility you are going to move again in three years or less, don't even think about buying. Just rent and make do with what you find.
If you are willing to stay in the next home for much longer, say 5 to 10 years, then your choices are probably ALREADY much lower than you realize. It will become apparent when you really start looking at homes and trudging through the "overpriced crap" I mentioned.
Also, something no one else has mentioned. If interest rates go up ONE PERCENT between now and the time you buy, you would end up paying 10% MORE in payments, even if the price was exactly the same as what you found today. Food for thought.
When it comes to real estate, think practical, think long term, and think about the REAL reasons people traditionally bought homes. Freedom to decorate, entertain, stability, and no landlord dictating your choices.
Let me know if I can help in any way.
Keller Williams Realty Professionals
3696 N Federal Hwy STE 101
Fort Lauderdale, FL 33308