This may be just one of many opinions, but actually, buying now would not be a bad thing. How many of us remember when interest rates were as much as 17% in the 1980's.
Using a professional (PREFERABLY ONE) to help you with this is the most important thing you could do. Take opinions from friends and relatives for what they're worth - but rely upon the person that makes it their business - preferably full time. That would be your favorite and competent real estate agent.
And it seems that many people have forgotten the purpose of buying a house in the first place. TO FIND A PLACE TO LIVE AND ENJOY!!! To raise a family. To have a dog. To be able to park in your own garage! I could go on... but lets not loose sight of this as we all freak out about whether "it's a good investment or not." Even if the market has not "bottomed out" in your area yet, there are still many incentives for you to buy now and realize the financial return when the market turns around. You must ask yourself, "If I buy now, how soon would I actually want to sell?" "How would I feel about not buying when the interest rates and home prices were civilized?" Would you be OK with waiting for the market to bottom out before you could realize the other more important incentives of living in your own home?
I have lived in my home all through the market turmoil and actually it hasn't affected me in the least. I watched as the (inflated values) in my neighbor hood went soaring and it was fun to think...Oh well. But I alas saw them spiral BACK DOWN WHERE THEY SHOULD BE (Sorry for yelling, but I just wanted to get a few people's attention)! We need our normal and secure market back before consumers will trust in it again, it is true. But this is a very opportune time to get off the fence. For the investor buyers who have funds and purchase at this time, I believe they will do very well as long as they are not flippers.
Some time ago before the market upheaval, I had a client that actually was willing to pay more for a house than it appraised. Those thoughts don't normally run through my veins. After my ranting and raving, she educated me to the odd idea that the home was in the neighborhood she always dreamed of, her daughter could attend the school she had hoped for, it was a beautiful home in a very nice historic neighborhood and more (In very short order, the home appreciated in value much more than she "overpaid" for it). I shut up and helped her realize her dream. What can I say, I was a little nieve back then. I'm over that now.
Oh and for those who say don't listen to a Realtor? That is like a friend of yours saying to you when you are being sued to not listen to your Lawyer. For some reason, non-professionals seem to assert that they know more than professionals - why that is, I just don't know?!?! :)
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