Also, read Rich’s post about SD property values hitting a new post bubble low.
I bought in early 2011, and I don’t regret it (so far…). But, had I waited, I could have bought for the same price or even less by waiting.
Buying now isn’t a guarantee value will go up if you hope to sell it at a profit, or even break even in the foreseeable future.
Another cost that’s important to look at is rent for a given area (like BG mentioned) and what the direction of rents in that area has been doing.
A blunder would be to buy a property, and for both the value of the home, and rents to decline. You’d be left with a monthly mort payment that’s fixed, but your options would be limited – may not be able to sell it and break even, much less a profit. And the rent you bring in might not cover your monthly costs. You’d potentially join the ranks of foreclosed upon….
