Reality is your home is much more than just an investment, it's a way of life, you choose the quality of your life by the choices you make. Besides taxes, the only other certainty is change. First time buyers with decent credit, it's time to stop deliberating "should I continue to rent or should I buy?"; if you have a secure job, a down payment and decent credit this is the moment in time when you buy a home. Rates are very attractive and home prices are so sharp you will pat yourself on the back when thinking of your home purchase in the in the not so far distance. There are many homes on the market, there yours for the picking. Get yourselves pre-approved, have 15% of the purchase price (don't forget closing costs) and give yourself the gift of foresight.
Buying up? Great time, as well. More than likely, you bought your home at least 7 years ago, had a few kids, put time and money into the house, but you need more space, more yard, or just want MORE..timing can't be more perfect for you.
However, is it really a buyer's market? I keep hearing it's a buyer's market, and it may look as if it is so especially from a seller's perspective or from the media; Inventory is definitely high, but the demand (and in my point of view "demand" is what drives a buyer's market), is just feeling a bit flat. Buyers are more conservative due to the economy, anxiety over job loss, all this adds up to less buyers with the right stuff to bring it to the table and close, and rightly so.
The indications are that the market will remain steady with not much growth over the next several years, and we won't likely see any major dips in the NY metro area (obviously this depends on the locale). Foreclosures and short sales are alive and kickin' and this where is you will see a "buyer's market". Historically housing grows with inflation, even if we grow at a 2 % rate it will take some time to recover, and hopefully the Fed will keep these attractive rates and put us on a path to recovery. A better term would be a "transitional market". There is a wealth of opportunities out there for the right buyer: Waiting by the sidelines is not doing you any good if you want to purchase a home and you have the capabilities to do so.
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