Is now the right time to buy a home?  Have you heard the "authorities" in the media talking about finding the "bottom" of the real estate cycle?
Do you actually keep listening to hear an answer?  I hope that you do, for the laugh factor, not to pick a month to start searching for a home.

No one is going to pick the "bottom" (or the top for that matter) of any economical cycle.  That is all speculation.  If someone asks you if we have hit the bottom, I sure hope you discuss with them the idea that each real estate market is LOCAL, not National, and that attempting to pick the bottom would be INSANE.

I also hope that you discuss with this person the idea that buying a home when:

1. the Federal Govt is giving First Time Buyers (and those who haven't owned a home in 3 yrs) an $8000 TAX CREDIT,

2. the rates are at historic lows,

3. inventory is at near all time highs,

4. some Builders are making crazy offers to help Buyers, and

4. some desperate sellers are willing to take even more of a financial hit

which makes for a nearly PERFECT STORM of home buying opportunity.  Sure, it is not the right time for everyone to buy a home.  Lots of people are hurting, including Realtors, and keeping your powder dry is not a bad philosophy for many.  Real concern about your job security should keep some on the sidelines.

Remember this, lower price range homes (no matter your area) are selling very well in some places (read Nashville) and that may mean that your home is worth more, not less, than it has been in the recent past.  That also means the Buyers looking in your price range are ready to go, AND, you are going to get a Screaming Deal on a larger, more expensive home in the price range above yours!

The housing market is just like every other financial barometer...it goes up and down.  When it is down, but surely going back up, you Can benefit.
Using a Realtor WILL make you more money on your current home, and will Positively help you navigate todays complicated financing and closing waters.

Happy House Hunting!
John

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