Come on you guys – have you learned nothing from this web page?
The time to buy a house is when the leading indicators and other fundamentals start to show that prices have some strong upward pressure on them.
I mean – why even bother putting a stake in the ground now and saying things like “I’m waiting until prices drop 40%” or “I’ll buy when we get to 2002 prices” or “I’m waiting until 2010” when you really have no idea how far it will go or how long it will take.
Every month, look at the numbers – months of inventory, sales growth, forclosure trends, the availability of credit, interest rates, the cost of rent vs, wages (especially your own), the money you have saved for a down payment – and decide on a month-to-month basis if this is the month to buy.
Right now I can say that Nov 2007 isn’t the month for me to buy.
In the meantime, save, save, save so you have the down payment that you will need in order to qualify for a loan in the tight (but loosening) credit market that you will encounter when the time to buy is right.
