Buyers across the country have been holding off from making a home purchase. This is, in part, the fault of the media and the "gloom & doom" scenarios they are painting.
While I am not minimizing the economic effect on our country, not all markets are the same and you can't paint them with the same broad-stoked brush. Commentators like Suzie Ormond are proponents of the "holding off" position and I can respect her conservative approach to a point but I still believe that right now is the best time to buy a home.
In our area, Monmouth and Ocean County, there are pockets of markets that have hit bottom already and have started to increase the selling prices. Right now today interest rates are extremely low and housing prices are at their lowest point in 8 years and I can't see any reason for waiting especially if you think the prices will fall even lower.
Now I do not have crystal ball. If I did I would be rich and enjoying a Bahama Mama on the beach. Unfortunately that's not the case! But I want to make a point that the huge variable here is interest rates and where they may be heading.
Take a case in point. If you were to wait for that $250,000 home to drop 3% and the interest rates went up just 3/8% you would have lost all of the savings you would have gained by waiting.
I don't know about the buyers out there but I believe a bird in hand is worth more than two in the bush! Which means buy now and know what your rate would be as opposed to rolling the dice hoping the rates would be the same AND the price of homes will still drop.
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