When should I buy?
Well, when you are ready. What does that mean? Depending on where you are in life and your goals- housing may play a larger role at certain points. Let’s start with this- National Association of Realtors reports that on average home prices double every ten years. In these 10 year cycles we have had 4-6 year cycles of price fluctuations. So now we have an idea of how the market moves.
I would suggest you catch the right part of the wave- that best benefits your investment and time frame.
For example, if you are looking to live in a condo for a few years and the market is at the six year peak-- you are looking to stay only a year or two, it may be best to wait. If you can not find a unit at the right price or in a very desirable area may be best to wait a little bit.
Are you ready to catch the wave?
Yes, but how can I predict the bottom? You can't. Finding the the exact bottom-eludes even the savviest investors. However, some basic observations one can see the adjustment in prices, days on market (DOM) and contracts written; this have been the case over the last 15 months.
Long story short- we are looking for the bottom....rates are low, inventory is up and many buyers are still on the sidelines. You have it all to yourself; TAKE YOUR PICK-just be realistic, not everyone has to sell- nor are they going to give it away. Do your homework and work with a broker you fell comfortable with!