Many people are shying away from real estate today, because of the problem with the housing market. However, real estate is still a good investment. The prices are very low right now, and people with good down payments and good credit ratings are finding that they can easily make purchases – and that there’s a lot to choose from. Despite that, the number of houses being sold continues to drop when compared to last year’s figures, showing that people either don’t have the means to buy or are scared to do so. They also may be waiting, in some cases, to see if the prices will go even lower.
Why Wait to Buy a House?
If you can afford it and you’re looking for your dream home, there’s no reason to wait to buy something. If, however, you’re an investor who has no intention of living in the home you’re purchasing, waiting might give you another break on price. If you wait too long, another investor may come along and buy the home you’re considering, so don’t assume that you’ll just be able to take your pick at a later date. Unless you really have your finger on the pulse of the real estate market, you could easily miss out when people start buying again. Take the time to consider all your options, not just price.
Also keep in mind that investing in real estate right now means that you’ll probably need to rent the house out to someone, rather than flip it. You can resell it later, after you’ve seen the market come back up. You’ll make a profit, and you will have also gotten the rent money for the length of time you rented the house to someone else. It’s a winning situation if you buy the house at the right price and hold it until the market improves.