I am involved in alot of activities (all legal) in addition to real estate. I meet alot of people and many are hoping to be first time home buyers. Many say, "I am almost there with my credit and downpayment." They are worried they might miss the boat. With the fear of having the wrath of God brought down on me by other agents by saying this, my response is..."Its not urgent but you don't want to put it off too long." A month or two ago my answer may have been different. With the most recent economic news, there is a little breathing room if you want to buy. However, there are some things that buyers should be aware of:
1. Economic conditions can turn at any time.
2. Mortgage availability and requirements (downpayment/credit requirements) can tighten and may do do.
3. Interest rates could go up.
I think most people are aware of their own economic condition.The first question one might ask as a home buyer is "Is it worth the risk to take the plunge now even though there is a possibility I may lose my job in the next year or two if the economy stays in a slump?" The answer is "You have to sleep at night. What works best for you and your family." Do you want to continue paying ever higher rent with absolutely no return but the convenience of being more mobile. I am not knocking renting. I am a Landlord, I love renters. I also encourage my renters to buy and enjoy the financial rewards that come with it over time. Paying down a home loan even on a house not presently going up in value will get you further than paying rent to "the man."
So the answer is a bit complicated. Whether you should buy now, remain renting, or staying in your current owned home is a question only you and your family can answer. I can show you the pluses and minuses of each. The decision is ultimately up to you. Its a good time to buy but only if it fits you and your family's lifestyle and requirements.
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