Simply Stated, and pardon my direct demeanor.. but what are you waiting for? Take that plunge already. Fear shouldn't EVEN be a factor in this market. A 200,000 house could be less than $1000. in a mortgage payment. Can you rent a house for that low price per month?
In addition to a low payment, you'll can park anywhere you want on your property. You can use the backyard whenever you like.
Interest rates are now in the low 4's for a 30 year fixed rate. What this means to you is a house payment that would be less than rent. Home prices are at an all time low too. Applying for a loan is easy peasy
Buyers, you are wondering where the bottom is, it could be now or 1 year from now or 4 years from now.. but hear this..
Over time, not only does buying real estate give you a place to live, it gives you some great tax advantages where you can write off your mortgage interest and some closing costs ( check with your accountant on this).
I know of a family who in 1993, bought their first single family home for $122,000 at an 8% interest rate!, sold for a $40,000 profit in 2000. In 2001 bought their second single family home..for $175,000, sold in 2004 for a whopping $140,000 profit and then bought their dream home.. where they live now... I have to say, with all of the home buying and selling they did over the last 15 years, they told me that not once did they "time" the market.
Be the one who says "I am glad I did" vs. the one who says "I wished I had!"Even if prices come down more, it really doesn't matter because you probably will not sell your new home for at least 7 years. and again, real estate historically, though not guaranteed has proven to be a profitable investment over time for those that decide to buy.. in any market.
Over the past week, we have already seen some strong activity from buyers who want to take advantage of the market,BEFORE interest rates increase.. what about you? Don't you deserve to own your own piece of the American Dream?