We have considered waiting a couple of years to purchase a home to see if the market levels out a little; it seems as though things are still a little crazy as the economy begins to recover. This may be something that can't be predicted now, or I am premature in asking, but what does it look like the housing market is going to do in the next 2-3 years? We are thinking that we should wait to buy for a couple of years and see what happens. Any thoughts on this?
If you think the economy is going to recover in your country, the sensible option would be to buy sooner rather than later. Because housing prices will only rise and keep increasing as the economy recovers and gets better. The best investors sees the opportunity in every tragedy and act upon it, such as buying stocks of reputable companies during market crashes and buying real estate when property bubbles burst.
What Leeroy_MY says is true, this is a trend am seeing in my area and i don't think it'll ever go on a downward trend, these prices will continue to shoot past the roof till Kingdom come, if you have the money don't wait it out, buy when the deal is still hot and forget future stresses.
I agree with others. It should be more a matter of whether or not the time is right for you yourself - at least if you're purchasing a home to live in for a while and not just as an investment property you plan to sell in couple of years or so. The markets will do as they will do.
If you can afford the payments on a mortgage, I'd sure want to buy before the housing market starts to get into too much more recovery... because you'd most likely be paying thousands more then. If you'd be selling, then I'd wait for a while... Disclaimer: I should add that I don't know where you're located... if it's not the U.S., I take back what I just said because I have *no* idea of what the economy is like in most other parts of the world.
Thank you for the input everyone. We have decided to buy just as soon as we can find a place we like!
Yep, it's a matter of where you are at in your life and your current financial situation. The housing market will always be fluctuating and often difficult to know when it's exactly a good time to buy. If you're able to afford a place you like, then it doesn't really make sense to wait a few years to see if the housing market rises or falls to get a better price. And with the US housing market as downtrodden as it is right now, it's probably a good time to buy if you can afford it anyway.
Oh no, don't do that. I would advise AGAINST reckless buying when it comes to real estate. I received a very enlightening and eye opening advice from a wise real estate trader awhile back and I have been following his advice ever since. The advise was: "Look at 100 prospects, shortlist 10 and buy the best 1" Of course, you don't have to go to such extremes (I know I don't! ) but you get the idea!
Congratulations on your decision! I may have come a little bit too late here, but I also believe that you should buy the house during this year or maybe next year, rather than wainting 5 more years to see how the market oscillates. It's almost imposible to predict when it's a good moment to buy real estate, but if the timing is good for you now do it! I'm sure you won't regret it.
