Should I wait or should I buy??

Bobbie, very nicely said. For all the buyers who are waiting for the market to bottom out may be missing a great opportunity to purchase now.

Bobbie,  I think we forget to ask that question ( Why do you need to purchase a home?)  I think it is a great first question to ask, it kind of breaks the ice with nervous first time buyers.  The only problem we are having in Michigan currently is appraisals.  Not there fault either because they represent true market value.  Sad thing is people didn't save enough to put down.   

The fear is always....is this REALLY the bottom ?  The crystal balls keep fogging up in that prediction.

Good morning Bobbie,

Points well made. With interest rates so favorable, prices as low as they are and first time home buyer incentives being what they are at this time, one can't argue now would be a great time to buy that first home. The reason for the purchase, other then best financial opportunities, could be varied and set in their proper place before the final decision is made. All things being considered, there is no reason to wait any longer.  

It is always a great time to buy. There are deals in any market at any give time, you just have to look. I sold as many, actually more homes in 07 as 06. I listed only homes that had equity ( it was crazy to list homes with no equity in hopes of selling) I turned down three times  as many as in normal times but I knew what would sell and didn't waste my time or the seller.

The point is, at least here as many homes are selling as before 05. 05 was a great year thank God for it but don't use it as a benchmark for the rest of our careers. 

Reasonably speaking I do agree partially with you Bobby and the previous commentors! For all the reasons you and they have mentioned.  However! This next comment will likely leave a sour taste in your throats.

What has the news been telling us all, for the past month, at least.  The projected forecast for Foreclosures is likely 1.5 - 2 Million more homes over the next two years!  Are you watcheing the unemployment statistice that are coming out?  Does that sound ominous?  It should, it tells us as Realtors there is another or continued downward shift coming.  Likely the re-adjustment of the ARM's written in 2005 thru 2007. So be prepared!  Be aware of it.  Really dig into the minds of your clients for exactly why and how long they are planning to purchase a home. 

Your clients had better be prepared to live in their new home for 4-5 years minimum, or longer period of time, if they hope to get anything out of the transaction.  I highly doubt that when the market turns around that pricing will rebound up, quickly?

I'm an optimist!, but I'm not going to ignore the obvious!,  The reality is I will give my clients all the information I can find, to help them make their decision, and to benefit them.

Hopefully we will all see success in our personal business, provided we are equipped to deal with the changing markets. The current scenario kind of reminds me of the book, about two little people and two mice in a maze,  what was that title? "Who Moved My Cheese"?

- interest rates sure makes it more appealing for home buyers & owners considering refinancing and should motivate them. In the article Time to Get Off the Fence and Into a Home, the same message comes in an article from NYTimes.com offered by Your Money. Another source with this message was from Smart Money, Time to refinance -- or buy a home? Good information to pass on to our buyers.

Best wishes for 2009!

Trey Affolter

http://www.treysellshouses.com