The answer to this question depends more on whether or not you are ready than on current market conditions. Why? Because it is always a good time to buy a good piece of real estate that meets your needs, at a good price.

Real estate has historically been the best wealth building tool available to individuals. It is also an investment in your family’s foundation and well being. Yes there has been a monumental shift in real estate recently. It is now a buyer’s market. This shift can be the greatest thing to happen to home buyers who are ready to buy. A real opportunity to “buy low”, as they say.

“But I’m afraid of paying too much. Should I wait for a bottom?”

That feeling is only natural. Nobody wants to pay more that they need to for the things they want. Here is something to realize however:  good properties, priced correctly, are selling. Overpriced listings are not. Many listings are not even close to selling (not even in the ball park) and may not sell at all.

However, in this changing market there are some extraordinary deals being made on some unbelievable properties as a result of an oversupply of inventory and a shortage of buyers. Over priced listings will stay on the market while new listings, priced right, come and go, because not all sellers understand the dynamics at play right now.  Some don’t yet get it. This is one reason that the assistance of a good buyer’s agent can be very profitable for you.

A good buyer’s agent will not only help you navigate through the plethora of overpriced listings and enable you to see the “Best Buys” this new market has to offer, but help you negotiate the best possible deal, advocate on your behalf and protect your interests throughout the transaction.

Another important consideration is that as interest rates rise, the amount of house one can afford decreases, therefore nullifying the opportunity that any lowering price adjustments might create.

 Remember also that just as the market has changed, it will change again (although nobody can predict exactly when). It has always been this way. There have always been shifts in the real estate markets. There will always be shifts. Historically, however, real estate increases in value over the long run. Right now, at this very moment, there are people are making deals on good properties, at good prices, that they will one day remember as the best decision they ever made.

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