Don't wait too long if you like a good deal.
NOW prices are right, rates are low, and there are plenty of homes on the market, but no one knows when that will change. So if you're playing the waiting game, consider that you might be disappointed when the market heats up again (as it always does) if you don't take advantage of today's opportunities.
Sellers are pricing their homes to compete, since there are more homes for sale than there are buyers. When the economy improves and more people begin to look for homes, prices will rise again. Take advantage of today's market. You'll be glad you did.
There is a lot of "pent-up demand" in the market today. People who really want to make a move are waiting until they feel the time is right. As soon as buyers feel more confident about the economy, they will enter the market in large numbers, causing sellers to take notice and edge up their prices.
When there was an economic and housing downturn in the 1990s, those who purchased homes during that time came out on top because the economy recovered very quickly and housing prices picked up almost immediately.
Waiting for prices in the housing market to "bottom out" may not be the smartest strategy. According to MSN.com, most people only know when a market has reached the bottom by "spotting the trend in the rear-view mirror." Waiting for the absolute lowest prices before buying a home puts you at risk of missing the signals, then finding yourself paying higher prices because of the market upswing.
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