Buy Now or Wait for the Bottom

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Creative Commons License photo credit: salimfadhley

The housing market is probably not at the bottom yet, in fact most forecasters say that it’s just not there yet, at least in most markets. So do you buy now or wait a while before making that investment property purchase? Well, that answer isn’t very clear as some financial planners suggest buying now and others suggest waiting a little bit longer.

What’s most important is not what is happening on the national housing front but what is happening in your area. If you’re waiting and waiting and not checking out the local situation you might actually be in for a surprise. Some cities are already rebounding and some are holding their own. All property decisions should be done with a look at the local environment and economy.

Also, if you’re looking to buy a rental property, the percentage you can save by waiting might be washed out by the amount of money you?ll making in rent.

There’s also the chance that the property you’re waiting for will get picked up by some other investor with a lot less patience. There’s something to be said for getting what you want when it’s available rather than waiting for something better, or cheaper to come along.

The most important thing in this financial environment is making sure the investment you?re making is a sound one for your and your future. If you’re uncertain of your job status or financial stability then you shouldn’t be making a purchase and if you’re in it just to make a flip or a quick profit, then this is probably not the right time to be buying property.