As noted in the title of this entry...now is the time to BUY real estate. If you can get the financing to purchase a property there is no reason why you should wait any longer. Many buyers are very "gun shy" because of the current economic situation, and they are just looking and waiting. Waiting for what? Prices have dropped dramatically, interest rates are still very good, and sellers are willing to make deals because they know that the buyers have the majority of the leverage.
Now lets say that the argument of waiting is that the prices will continue to drop substantially lower in 2009...maybe or maybe not there is no real estate crystal ball. But if prices do drop they most likely will not drop that much more then they already have, and as long as you plan on holding onto the property for at least 5-10 years you will do fine. As they say real estate is the best investment and there is no better evidence then what we all have seen the stock market do recently.
Lets say that prices do drop another 10% next year and all the people that waited all now want to buy, but the interest rates go up. Then what? Sure you will have a smaller loan amount but your payment is still going to be the same if not higher than if you purchased now. The most difficult aspect now is getting financing, if you can get financing its time to get out of the on deck circle and step up to the plate. There are so many opportunities for buyers to get great deals on properties, don't wait any longer!
If you or someone that you know is thinking about purchasing a home in Hawaii please feel free to contact me at anytime.
Chris M.T. Bodden (RA)
This information is strictly an opinion and should not be taken as facts.