Let’s face it, in the recent past, housing prices were growing exponentially! The housing market was fast and furious and people were biding way over the asking price in order to get the home. It’s called supply and demand, and nowadays the housing market seems to have more supply than demand. Heavy supply and low demand makes it a buyers market. It can be easier to buy in a buyers market because there are a lot more homes to choose from (more sellers than buyers) therefore, buyers typically have more time to make the decision. The question that seems to cross peoples mind is “Is this the right time to buy or should I wait a few months?” Good question, but no one really knows for sure. The California Assocication of Realtors said yesterday “Home prices throughout most of California will post modest declines next year while sales of existing homes will stabilize from the precipitous decrease experienced in 2007.”
Everyone wants to buy a home at the right time for the best possible price. Then sit back and watch their home value grow. So, do you buy now or wait six months or a year? That’s a decision only you can make, but keep in mind. If you find your dream home, chances are, that home will probably sell within 60-90 days, so if it’s truly the home you’ve been looking for you have a big decision to make. Buy now and possible have your home value go down some or don’t buy now and loose the chance of owning your dream home?
What would you do?
Jill Denton ~ Hometown GMAC Real Estate and Changing Spaces Interior Redesign & Staging
