Buy now? Or wait for a price drop?
This recent article, from CNNMoney.com, is perfect for residential buyers contemplating buying a primary residence now while rates are low vs. waiting for a bottom in the market. The long and the short of it is this. If you planning on living in the residence for 5 years then any short term stagnation in the marketplace will have little effect. If you are concerned about getting a good deal on property then be aggressive, look for the motivated sellers and purchase property below market value. If you can purchase at lease 8% below market value, then if you needed to sell quickly you can cover all your selling cost, plus build in equity in the deal at closing to handle any short term dip in the market.