Is Now a Good Time to Buy?

With the large reduction in prices of homes, many are wondering if now is the time to buy? My opinion is: depends.

If you are in a situation where you have a lot of pressure to purchase a home, it is possible to find deals. Problem is, the homes available in desirable neighborhoods at attractive prices tend to be short sales or foreclosures. Many people will not have the patience or flexibility buying a short sale will most likely require; the below market foreclosures the banks are trickling onto the market often have dozens of offers on them in days. Sometime investors come in with all cash offers putting buyers needing financing at a disadvantage. Many normal sellers still are adjusting expectations and are listing properties with the hope of selling at prices at levels seen during the bubble years. So if you need to buy now, and want to buy at a price you will not regret in a year or two, prepare to do some work finding short sales and foreclosures suitable for you and make multiple offers until one works out.

For those buyers that can wait for 6 months to 2 years, below are some articles that support the position that prices will continue to fall for the foreseeable future. No one knows the future, but after the reading the articles below, I believe that most buyers will be well severed by being patient and watching the market and using the time to save as big a down payment as possible.

FORECLOSURE ACTIVITY INCREASES 9 PERCENT IN FIRST QUARTER

4-7 — CA Foreclosures About to Soar…Again