There’s new speculation about a ‘double-dip’ in the housing market, where prices will take another tumble before they start to come back up to what most people would consider reasonable levels. Buyers and sellers both are waiting to see if that happens, because they don’t want to make a mistake by spending too much or settling for too little. Where buyers are concerned, the issue is whether to buy now, while prices are low, or wait and see if they drop even lower. If they don’t, buyers could miss their best window of opportunity to purchase a house for the lowest possible price.
Sellers are also cautious. Some of them desperately need to get out from under their homes, but there are many of them who can afford to wait a little bit longer. Do they push to sell now, in case prices go down again, or do they wait, hoping that prices will come back up, instead? Even asking a Realtor won’t necessarily give you a good answer. Prices and opinions are all over the map when it comes to what the housing market is doing and what it will do in the near future. Some people are even predicting that it will be three to five years before homes are back to anything approaching past price levels.
In the meantime the threat of a double-dip looms, and it’s leaving buyers and sellers wondering what they should do about homes that they either want to buy or want to sell. Ultimately, they’ll have to consult with a real estate professional that they trust and then they’ll need to make their own decision as to what they think is best for their financial situation. By getting all the information possible, it’s easier to make a sound decision that they can feel good about.