It depends. (How’s that for a no-nonsense opinion?) Are you looking to make a quick profit? Or do you want a nice home at a good price and low interest rate, to live in, get tax breaks, and maybe long-term appreciation?
Heather Elias writes in Agent Genius:
So our clients are asking, “Is it a good time to buy?” How many times have you counseled your clients when they ask you that question? [Kim note: Always.] Of course, you then determine: do they have a house to sell, do they have good credit and adequate down payment. Somewhere in there comes the question: “How long do you plan on staying in this home?”
You’d better be thinking, “at least 5 years.” I used to say 3 years, but the times of quick profits are over. You will pay a little off each month building equity, and you should get some appreciation for sure – they still aren’t making any more land. A home is a long term investment; plan to stick around awhile when you buy. And don’t wait for the market to hit bottom, because by the time you find out it’s hit the bottom (if it hasn’t already), it’ll be six months later.
Geek Alert – Engadget has a post about Nintendo-based cufflinks for those of you who can’t get enough (and wearing these on your next foray into the singles bar, you probably won’t get any).