Someone asked me this week, “Should I buy now, or wait till spring and hope home prices drop another 10%? Here’s my answer.
If you could control interest rates, unemployment, layoffs, factory closings, terrorist attacks, tax laws, etc etc. then you could wait and take the chance. Problem is, there are so many variables that affect the cost that you can’t take the chance. Here’s something to think about. A $300,000 house purchased today with a 5.5% loan will actually cost less than a $270,000 house purchased with a 6.5% loan. The chances are greater that interest will go up 1% than the values fall 10%.
There is an old saying, which I live by, “The best time to go fishing is… when you can.”
I say, “The best time to buy a house … is when you can.” If your budget and circumstances allow you to buy now, then don’t wait.
Reminds me of a story I heard…. well, I better save that for another day!