There is no question that today's real estate market is a confusing one.  As a Realtor in Arizona I hear from buyers quite often that they are confused on whether now is the time to buy or if they should wait.  There are so many different opinions out there it is difficult to determine who is right, who is wrong or if any one person is right or wrong.  Below are the top 3 questions I get asked on a regular basis and how I respond.

1.   "If it's possible that prices will continue to fall, why should I buy now?"  While price is the major concern for anyone selling a home, cost should be your primary concern as a buyer.  That means you have to take into account what your monthly payment will be, considering not only the price of the home but also the interest rate of your mortgage.  Waiting for prices to bottom out while rates are increasing can wind up costing more over the life of the mortgage.  It's best that you meet with your mortgage professional to help you determine what an interest rate increase will cost you based on the expected size of your loan.

2.   "When will I begin to see appreciation if I buy now?"  Appreciation varies by market, so it's important to look closely at local pricing trends.  Nationally, there are indications that values will begin to rise this year. 

3.   "Does buying really make better sense than renting?"  Forget the finances for a minute.  Why did you even begin to consider purchasing a home?  Your answers to that question should be the reason you decide to purchase or not.  The bottom line is that the cost of a home will probably remain relatively unchanged even if prices continue to depreciate.  Don't allow money to be the only factor in making the decision that's right for you.

As real estate professionals, we are here to help you find the home of your dreams.  If you are in the market to purchase real estate in Arizona we are the team for you.  Give us a call today for your no obligation consultation!