I thought this was an interesting piece in the Times today. If you are a first time buyer just sitting on the side lines, waiting to jump in, man do you have the world on a string!
The fallacy of timing the market to get in at the lowest price possible. That “trough” is only realized after the fact, so predicting it is basically impossible. The phantom “best time” to get in may be right now or pretty darn close to right now. Who the heck knows? Well, we all will…eventually.
Are you willing to get in at a good deal even if the market ends up declining a bit more after you buy in? What is your main reason for buying a house?
Be sure to look into the 7500.00 Fed Tax Credit for 1st time buyers. Good until June 30th 2009.