This is a question that never fails to elicit strong opinions. To Start the ball rolling, just click on the title directly above this post to get the opinion of one real estate professional.
As is the rule with most real estate, it's very important to remain aware that real estate is always an intensely localized market...
Your comments are encouraged and always welcome.
Monday, February 11, 2008
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2 comments:
personally if i wasn't an owner i would rent till next summer... the market is definatelly still going down.. but it is a buyers market now
In our opinion it's rather difficult to gage the bottom of the market. With this in mind, rather than waiting until next summer, we would advise taking a little more systematic approach. Our suggestion would be to look at the market every three months and see if you can detect a trend. Once that information is clear, only then would we make a decision to either buy, or give it another three months. This method has its faults as well. Consider what you would lose in tax benefits and possible appreciation if the market stays fairly flat. Your personal situation (at the time of transaction) can make a big difference here.
If you were looking at the possibility of upgrading your present home, as an owner, you would need to take into account what your home will be worth on the market when you do decide to sell. Generally speaking, it's not going to make much difference for you (as an owner) to wait, since any gain in the reduced price of your next home will likely be offset with the reduced resale value of your present home. Keep in mind that the market is there for both buyers and sellers; this tends to even things out. The exception to this would be if you were planning on relocating out of the area and don’t wish to buy another home locally.
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