Some good stuff from this article - weighing whether you should buy a home now or wait until prices drop down further. Interest rates are lower now for fixed mortgages. What's amazing is the interest rates from the 80s mentioned in this article three times what they are right now.
TIP: Best time to buy property is when you don’t have to. That way you’re not desperate and your emotions don’t rule your decision making process. Buying investment properties should be about the numbers and not your feelings—sure you’ll have a gut feeling or emotional reason for buying a property, but at the foundation of your decision should be the raw numbers.
Inventories of homes for sale in July rose 5.1% to 4.59 million, or about 9.6 months of supply at the current sales pace. A six-month supply of homes for sale is generally the norm in a balanced market.
When shopping for homes where the market is weak, consider buying a newly built home. Home builders are hoping to lure buyers with discounts of as much as 20% and other valuable incentives, such as granite countertops, luxury appliances and in-ground pools. The National Association of Home Builders reports that 56% of builders are offering financial incentives, up from about 45% a year ago.
Conventional wisdom says that homeowners who are likely to be in a home for at least seven years will see prices rise.