"Should I wait for Real Estate Prices to hit Rock Bottom?" This is always on of my favorite questions I get asked by the buyers I work with. In this ever changing market everyone is wanting a deal and no one wants to buy "too early". Lets take a moment and really discuss what could potentially happen if a buyer waits too long to make a move.
- First of all, loan programs are changing every day. If you wait too long, you may not qualify for the same loan you did three months ago.
- No one can predict the future, and while the buyer is waiting for "rock bottom" what happens if interest rates go up? You may end of spending more on the house you waited for to hit "rock bottom" all because the loan terms changed.
- While you were patiently waiting for the price to drop yet again on your dream home, someone else scooped it up... and they got it for a deal might I add. Now we're back at square one.
As I said above, no one can predict the future, and more times than not, we can't see rock bottom until we are staring at it in the rear view mirror.