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Timing the Real Estate market - is it a good time to buy a house?

By
Real Estate Agent with The Partner Network

You really can't time the market

Many people are asking me lately if it's a good time to buy a house.  

If you are an investor and waiting for the absolute best time to buy low and sell high, I can't say for sure whether this is the best time to play ‘flipping for dollars'.

But if you are purchasing a home, moving in and staying put for a while, then yes it's a great time to buy.   

Like stocks, you can't always time the market perfectly to buy or sell.  The only real way to know if housing prices have hit bottom is to wait until they start climbing up.  Then everyone knows that the bottom was yesterday, and sometimes a frenzy ensues, making it harder to get a great deal.  The best you can hope for is to buy somewhere in the bottom, and that's where we are right now.

During his Mad Money show today, Jim Cramer said we have 245 days before the housing market hits bottom.   I see that and I'm thinking "July?", of all months you think the housing market will turn around it's July?    I guess we'll see if he's right.  And of course I'll take July 2009 over the 2011 predictions!

My much less scientific approach to the housing market is that there's something in the air.   More houses are going under deposit, I'm scheduling appointments for my listings more often, the mortgage person I was on the phone with today has been swamped, houses that have been sitting on the market for a long time have gone under deposit, I'm too busy to watch Oprah, the list goes on.

The good (if you will) thing about my blog is that we will be able to visit this little post in the future and see if that something in the air was just the crisp fall air and low gas prices.

Til next time!

Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Krystal - I like this post. We are seeing these sorts of signs as well. No one really knows when "the bottom" will, and the reality is we have to deal with the here and now. I agree - witht the rates, inventory and negotiation possiblities, now can be a good time for many provide they plan to stay in their homes, AND are not looking for the ATM machine.

Jeff

Oct 30, 2008 02:38 AM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hi Krystal, I have to agree - once we hit the bottom, it maybe too late - there maybe a buying frenzy when it starts heading back up. I would have to say that with the Fed cutting Fed funds rate by 1/2 point, now is the time to buy!

Oct 30, 2008 04:10 AM