Trying to catch the market at the bottom can get you bitten in the same place

Often, I hear potential home buyers commenting on how they’re waiting for the market to bottom out before buying a home.  But what is the indicator that the market has bottomed out?  Truth be told, you don’t know until it’s already happened.  So do you roll the dice and hope you catch it at the very bottom, or do you find something you like, get a comfortable price, payment, and interest rate now and not sweat the fact that if you had waited, you could have save $12 a month on your payment?

The fact of the matter is, no one knows when the market will, has, or did bottom out.  We know that prices are at record lows, as is mortgage rates.   Waiting for the market to “bottom out” has been a process that has bitten more people in their bottom than afforded them the opportunity to get a better deal.  So many things can happen in that time that you’re waiting.  Rates could go up.  The market could turn around.  The house you had your eye on could get scooped up by another buyer.  And the list goes on and on.

The phrase “There’s never been a better time to purchase a home” has been used over and over for the past year or more.  There’s a reason for that.  Rates are very low and have remained steady for at least a year.  Prices are stable and actually already negotiable, so why wait for that?  Even if you were to luck out and get a slightly better deal on rate or price, is it really worth the risk of losing out on your dream home?  I’ve seen the fail too many times.  So if you’re in the market to purchase a home, whether it be your first home, a move up home, or you’re downsizing, get off the fence and pull the trigger.  In the long run, you will be glad you did.