Every day I am asked if now is a good time to buy real estate. My question to you would be, after viewing the above table do you see a better time? The question is if prices will go lower, flatten out or start to rise. The answer is yes to all. It depends where you are. The lower price ranges in Phoenix are up 28% this year, the middle range is up a little and the high end is down. This can be said about many markets. Reno is on fire with less than 2 months inventory, Las Vegas entry level has gone up, Sacramento inventory is very low. Some other markets or specific neighborhoods are still going down. There will only be one person buy at the bottom and you will not know it was the bottom until it has already started up. So, how lucky are you? Were you able to pick the top in 2005 or 2006 depending where you are located?
I think the time ot buy is when it is right for you. Certainly if you are in your 20's or 30's, time is on your side and it could be hard to duplicate today's opportunities. I know in our market here in Truckee and Lake Tahoe, you can buy homes for less than replacement cost. Land is selling at ridiculously low prices. Forecasts going forward are that people will buy second homes within 3 hours of their primary home due to the ease of travel. We have about 12 million people that fit this description, so our market would seem to look pretty good going forward. I am sure 5 to 10 years from now I will be hearing from a lot of people that they knew buying now was a great time and they missed it. Get your credit in order so you can be a buyer.
Financing, if you qualify is exceptional. There are still loans out there with very low down payments, 3.5% FHA and 5% to 10% conventional. The above table says it all.
The Truckee / Tahoe market has exceptional values and your market probably does to.