First you have to look at WHY you are buying. If you want to buy a property with the thought of turning around and “flipping” it in a year or so to make a huge profit as people were doing in the early 2000s - forget it. Until the available inventory of homes for sale starts to drop and prices start to rise, you are not likely to make any short term gains.
The one thing that is generally agreed upon is that at some point, the market will, as it always does, hit a bottom level and then prices will begin to rise again. When that will be and how quickly the prices will go up is impossible for anyone to say.
If you are buying a home for your family and are looking for a place to enjoy life, liberty and the pursuit of happiness, you have to look at how you’re living now and ask yourself if you want to continue as you are or is moving something that will improve the lifestyle of you and your loved ones. If it’s important to move, then don’t be afraid of buying. Real estate is considered by many to be an investment- and that's fine - but let's not the forget the primary reason that we even build houses - to live in!
Take your time. Educate yourself on what areas you’d like to live in, what type of home you need and what kind of financial situation you’re in. In other words how much money will you be able to contribute in the form of a down payment and how much of a mortgage can you get approved for?
Once you know where you want to live and how much you should spend, start looking at specific houses with a Realtor. Find the house that makes you and your family feel like you are “coming home” the first time you walk into it. These houses are out there for sale – right now. There are many more choices today than there were over the last few years.
So unless you’re investing for the sake of investing – don’t be deterred by the market. Find the home out there that is calling you and buy it.
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