Why You Should Buy Now, Why You Should Wait...
A Few Good Reasons To Buy In A Buyers Market....
1. The neighborhood you’re interested in has stable housing prices. The houses and condos are increasing, or the pace of decline is slowing significantly. It is okay to pull the trigger, the small drawback (if any) you pay for missing the bottom may not mean much.
2. You plan to stay in the home for at least 5 years. Most real estate purchases are meant to be long term investments or purchases. If you can hold off that long before selling, you will almost certainly ride out any decline and come out ahead on price.
3. Your rent is equal or similar to a mortgage payment. If you can afford to buy do it. Owning real estate is one of the best forms of investing in your future.
4. You've found your dream home in your dream neighborhood. I f you love it buy it. Plain and simple, you never know when the market will turn. Also remember it might be somebody else’s dream home, you don’t want to lose it.
5. Move up to another home when the market down. If you have built up enough equity why not use it to move to that dream home in a down market. You will reap the benefits when the market turns.
A Few Good Reasons Not To Buy In A Buyers Market....
1. You've lived in your home less than two years. There is a good possibility that you have not had enough time to acquire enough equity. In some cases you may have negative equity.
2. Your job security is unstable. If your company or business is sinking, it's probably better to stay in the current home or condo until your employment is stable.
3. You don't plan to stay for at least five years. Most people don’t know where the bottom of the market is until it has passed. It is important to stay long enough to ride it out the real estate cycle.
4. Bruised credit or low down payment. The major banks and lending institutions have become very stingy when it comes to lending. They will scrutinize every little thing on your application.
5. Your home is in a neighborhood where prices are dropping quickly or foreclosures are on the rise. In this environment, you're probably better off staying put until the market turns in your favor.