It’s nearly impossible to predict now when the best time to buy will be. But when you can buy a house and your payments are equal to or less than renting that same house, I think that’s a good time to buy. I’m guessing what won’t be for at least 2 more years, probably more.
In the meantime, save as much as you can and stay out of debt. I believe that when this correction reaches the bottom, that lending standards will be much more strict, like they were in the “old days”. In other words, buyers will need a 20% down payment, good credit, and a stable job and employment history. Also, a 30% income to purchase ratio and a 30 or 15 year fixed loan will be necessary. I don’t think we’ll be seeing all of these creative loans that we’re seeing now.
Once again, patience is key, we’re just at the beginning of an impending significant market correction.
