Should I buy now or should I wait

By
Real Estate Broker/Owner with ERA Emerald Coast Realty

I was reading a post recently on MSN and I saw one post that made a very clear statement regarding the decision of whether to buy in to days market I had to pass it on:

"The real estate market is so unpredictable that it is hard to say whether you should buy or wait.  For this reason, the best advice in any market is to buy when you have a reason to buy.  Waiting to save a larger down payment is a good idea and you also do not want to settle for something you do not like.  At the same time, take a look at your current situation.  Do you plan on making more money in the future then you do now?  Or do you only predict a slight annual increase?  Unless you foresee a lot more money coming your way in the future, it may be a good idea to buy now and work your way up.  Keep in mind that this doesn't have to be your dream house, you can just use it as a stepping stone to get to the dream house.  Another thing to remember is that you receive tax benefits for owning a home."

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Rainer
164,544
Gary McAdams
GMAC Schwartz Property Sales
Good story.  Everyone keeps saying they want it to "Hit Bottom" before they buy.  I had many buyers say that in our last down market then prices went up.  The same buyers were saying: "I could have bought this for $XXX last year".  My answer is usually: Maybe you should have.
February 16, 2008 07:01 AM
Rainer
118,446
Nannette Turner Saunders
Hampton Roads, Virginia Beach
Associate Broker Keller Williams Realty

People are going to buy no matter what the market is, we need a place to live.  It is just a matter of how many buyers are in the market now. Many times folks may just use the market conditions as an excuse to hide other reasons they are not considering a puchase at this time.  Sometimes you have to find the reason.

February 16, 2008 07:20 AM
Rainmaker
57,577
ERA Emerald Coast Realty
Realtors
ERA Emerald Coast Realty

Thanks for the comment Gary,

You may want to take a look at an article I wrote called "How will I know we have reached the bottom of the market here in Pensacola?"

http://www.gibbons-realty.com/realestatemarketbottom.html

February 16, 2008 07:22 AM
Rainmaker
1,346,760
Andrew Mooers
Northern Maine Real Estate-Aroostook County Broker
MOOERS REALTY
These are the best of times...get in the market, start owning, start the appreciation, get the best hedge against inflation, buy and own real estate. NOW!
February 16, 2008 07:26 AM
Rainer
37,531
Karl Burger
Pensacola Real Estate News
ERA Beach Ball Realty
I had a client ask me when was the best time to buy. I told him it was when he found the home that was just right for him. I also recommended he start looking now, while the market conditions were in his favor.
February 17, 2008 05:25 PM
Anonymous
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Rainmaker
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ERA Emerald Coast Realty

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