It's a buyer's market... Should you buy? Should you hold off?

We are in the midst of a buyer’s market- along with the decrease in demand and the increase in inventory, interest rates are at all time low. So, if you are thinking of taking advantage of this, read the following:

BUY IF :

• Prices in the neighborhood you are looking in are stable (they’re holding their own, increasing, the pace of decline is slowing, etc)
• You plan to stay in the house for 5 yrs. plus (I mentioned this in my recent sales report, it’s an important thing to keep in mind if you are going to ride out this market)
• Your rent payment is equal or more than a mortgage payment (the mortage interest deduction on your taxes is an added bonus)
• You’ve found THE right house for you in the area you wanted (schools are what you were looking for, the house has all the characteristics you were on the hunt for, etc)
• You’ve built equity in your house and are moving to a place where houses are less expensive.

HOLD OFF IF:

• You’ve lived in your house less than 2 years
• Your job security is uncertain
• You don’t plan to stay in your house at least 5 yrs. (the trick is not buying at the bottom of the market but staying long enough to ride it out completely)
• You don’t have good credit or a decent down payment
• You have a home to sell in a neighborhood where prices are dropping

You have to look at your specific situation before making a real estate decision!