Is now a good time to buy a house?

[itrev82]

Hey everyone... I am looking at moving in the next 30-60 days and I am **tired** of renting. I am looking at moving into the Chandler, AZ area and am wondering if now would be a good time to buy a house.

This would be my first time buying.. but I am just not sure if the market is good right now. I know its a slow selling time... any thoughts? Any good idea where to research this?

Thanks

[J_Snow]

I just had thanksgiving dinner with my real estate agent. We are in Florida of course and the markets are all different around the country. But her advice was if you needed to buy a house, then you go out and make the best deal you can. She thinks some house have hit bottom already-the ones that are waterfront or have some other high demand quality to them are not really going to go down to much more. Other though may not be at the bottom yet.

I would talk to a local agent and find out how long it is taking homes in your area to sell. What is the backlog of homes. If there are still tons of homes for sale and the backlog is growing-prices are going to come down more. If the inventory is large but is pretty static, there may still be downward pressure on prices.

If the inventory is shrinking-then get in there and buy.

But remember-if you going from renting to buying your are not going to be losing out on an existing home sale-so I say start looking now and if you find something you love and it's in your price range-go for it!

[amortgageman]

I would talk to a local agent and find out how long it is taking homes in your area to sell. What is the backlog of homes. If there are still tons of homes for sale and the backlog is growing-prices are going to come down more. If the inventory is large but is pretty static, there may still be downward pressure on prices.

If the inventory is shrinking-then get in there and buy.

That is a real good anology of the subject.

[manmetal]

In buying and selling properties over a 30 year period this is what I have learned.

The time is right to buy when;

1. no else is buying

2. you get advice to 'wait' till the market turns around

3. It's ok if you are not at the bottom of the market.

4. The money is made when you BUY not SELL

The right time to sell is

1. when not else is selling

2. you get advice to 'wait' till the market turns around

3. It's ok if you do not extract the last dollar out of the house. leave some for the next guy

5. The money is made when you buy the house NOT when you sell it

The market ALWAYS travels in cycles, ALWAYS go against the cycle to make out.

1. Buy when no else is buying, Never buy when the market is HOT or you will pay to much.

2. Sell when no one else is selling. You will never get stuck with unsold property.

I am placing a offer on a home this weekend for 80K, it's value is 214K.. guess what!! my agent wants me to wait till it drops more... There is plenty profit for me and the bank owned property is ripe to pick. So I go against her advice and MOVE forward. The timing is perfect. I have not purchased a property in Florida for the past 5 years because of the upward overheated market. I held..now I buy..

Have patience but it's buying time.

Jer