If you're looking for a "guarantee" that the time is now, there isn't a soul out there willing to provide one. We all look at this situation the same way.....there's data and there's a gut instinct. I don't trust the data because it's coming from someone else and I don't know their motivation. But I do trust my gut instinct and the knowledge that I have gathered from others around me and just by observation.
I say the answer is, "Buy!".......of course, I'm a Realtor andyou would expect that to be my answer, so I supposed I need to go a little further and explain why I feel this way. OK....here we go!
First of all, I think that sellers are finally getting it. There are even a few that have figured out the "psychological" way to get their home sold and get it sold for a decent price! What did they do? They underpriced their home.....what a novel idea!! There are buyers out there and they are looking for the BEST deal.....for those who have tried this type of market, they appear to win everytime! Of the cases I've heard of, there have been multiple offers and a bidding war......imagine that! Now there aren't many of these "deals"......you try to convince a seller to price the home he paid too much for to begin with at less than what others are selling theirs for!
One of the other issues our market is facing is the mortgage side. I'm lucky enough to be married to a mortgage banker, so I'm kept up to date on what's going on with that side of things....and since I can't complete a sale without a mortgage banker, that's a good thing! They are facing challenging changes in their industry daily......loan programs are tightening their guidelines and most are effective immediately. One of the most important things we're going to lose is the FHA downpayment assistance program. This program is a great way to help keep home values up (hey, 3% is better than nothing) and help homebuyers strapped for cash actually be able to purchase a home. Now it looks like that program will be done away with in October!!!
So.......if you're looking to buy a home, I think this is the time! I would say that you need to plan on staying in the home for around 5 years, but right now we have great interest rates and the loan programs are still there.....wait much longer and they may be another part of our housing past. The time to jump on the "band wagon" is while it's still there.....after it pulls out of the station, there's no guarantee it will come back....and if it does, the cost to ride may be higher and the best seats may be gone.