Over the long term, buying a home is still a solid investment. If you are buying a primary residence the investment is even better since likely you will be living there in the long term and money is not being wasted on rent (oh, and consider the tax advantages too). With prices still declining in this buyer’s market, I’m going to go out on a limb and say that 2009 may be the year for you to make that purchase.
Okay, maybe that limb is a bit too generalized. Around the country, there are areas that are great buys and others that we should throw caution into the wind. For example, a realtor I met at the Luxury Real Estate Conference in
While hard hit in recent months the general consensus amongst realtors at the
While there was much optimism for this next year in the housing market, most agree there still remains some places that will not see a turn around anytime soon. Cities like
In short, there are definitely signs of some recovery. Most buyers these days, however, remain cautious and will continue to look for the bottom of the market. As a general rule, remember that most will not recognize the bottom of the market until 6 months after the bottom has been hit…and by then the prices will have gone up. If you can qualify for the loan, and you have done all your homework on the area that you are interested in purchasing, most will say to take the leap of faith. After all, it is a good time to purchase a new home.