Is Now A Good Time to Buy a House?

Is Now A Good Time to Buy a House?

One reader wrote in recently to ask us, "…if they should buy a home now or wait in case prices fall lower."

Indeed, recent data on the housing market paints a stark picture. Home prices are declining in many regions nationwide.  Last month the National Association of Realtors projected, that existing-home sales will fall 6.8% this year, while new-home sales are likely to fall 19%.

At the same time, foreclosures are soaring.  Foreclosure filings were up 93% in July from the previous year — or one foreclosure filing for every 693 households.

For homeowners trying to sell, the news is expected to get worse.  Wall Street has been burned by bad subprime loans and is curtailing new investments in mortgage lenders.  As a result, consumers without stellar credit may be unable to get mortgages at reasonable rates.

So what does this all mean for buyers sitting on the fence?

Unfortunately, there is no blanket answer that covers every scenario.  If you're unsure whether now is a good time to buy a house or not, you have to consider many variables, including the market you're thinking of buying in.

There are a lot of contingencies in the real estate market right now, so if you're in doubt or don't know whether now is the right time for you, talk to us. 

We can better explain specifics of the Suffolk real estate market with a free consultation.