I'm a first time buyer, should I wait to buy a home?
In our current market, consumer confidence is being brought to an all time low. This means 2 things for the savvy buyer
There are fewer buyer's competing for more listings
Seller's are becoming more anxious to sell their homes
This translates into the potential for huge savings for you, the first time buyer. The majority of realtor's are encouraging their sellers to take whatever offer they can get on their property. If you hire an expert negotiator, like myself, you have the potential for huge savings off of current list prices.
If we look at house prices in a historical manner, we can see the prices continue to rise. The people who get hurt when prices drop are the people that have to move. Whenever we have seen prices drop on the past, usually within 5 years they have come back to the level they were at, and surpass it soon after.
Combining housing prices with mortgage rates, waiting for the market to cool may mean waiting for interest rates to rise. Higher interest makes a larger mortgage payment, one that may even offset the savings in the price of the home.
Everything has a risk factor to it. Stating opinion as fact would not be right. There is no defined or right answer, but the costs of borrowing are at an all time low, and if you plan on living in your home long term, there may not be a better time to buy than now.