We are in the best and worst real estate market in over 25 years. Best because it’s a Buyer’s market. Now is the time to make a deal. In many areas, I don’t think you’ll see home prices this low again. That is, if the economy makes a comeback next year.
It’s a bad market because — well you know the reasons for that. No need to focus on more negativity.
You know this is the right time for you to buy if:
- you’ve been saving your money
- you believe your job is fairly secure
- you expect to own the property for at least 5-7 years and
- you have a 6-8 month cash reserves in your emergency fund.
Is it your time?
About every decade we see a bubble, and I have never had the money to invest in real estate. I remember being sent to a dayplanning seminar many years ago, and the instructor told us that real estate was always the best investment, potentially. I should have listened to him in 1984!
It’s all about holding it for the long term, which works the same way for stocks. At least with real estate it gives you a place to live. Can’t beat yourself up about what someone told you in ‘84. It’s never too late!