So many people are still it out, waiting for the “bottom” before buying. Big mistake. The bottom is impossible to predict, and usually by the time the media reports the comeback, it’s about a year too late.
Certainly things may decline in a particular market, even yours. But, financing at today’s low interest rates gives you an edge. If you wait for prices to fall a little, you may get a bargain on price, but not on financing, as interest rates are likely to go up.
Take, for example, a $250,000 loan at 7% vs. a $240,000 loan at 8%. Over 30 years, the smaller loan will cost you about $40,000 more! If you are looking at good, long-term deals, buying NOW with 30-year fixed rates may turn out to be the best retirement move you make in your lifetime.
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