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What are the economic advantages or disadvantages in the future if I were to buy a home right now?



My questions are what are the economic advantages or disadvantages in the future if I were to buy a home right now? Or would it be a good idea for me to wait?

===ANSWER===

Thank you for asking a question here on our blog.

Although I do not have a crystal ball to foretell the future, I do know this.

Owning a home is almost always better than renting. Buying a home now could be to your advantage if indeed the market has bottomed out. Again, this varies from market to market. You can get some really good bargains out there.

The disadvantage would be buying a home in a market that has not bottomed out.

So my best advice is to study your market, talk with some real estate agents to find out what the market conditions are in the area you want to buy.

This can help you decide when it is time to buy. Also it may help you to find out if you can look forward to property appreciation rather than depreciation. The last thing you want to do is buy a home in an area where property values are still dropping.

I'm not sure if this is what you were looking for, but hopefully I provided you some food for thought.

Thanks,

Jeff

Comments for What are the economic advantages or disadvantages in the future if I were to buy a home right now?

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Economic advantages or disadvantages in buying a home right now
by: Nancy

I was wondering the same thing. I think the market is bottoming out so it might be a good idea to buy right now.

There are sure a lot of foreclosures out there to find a good deal.

I'm not sure about appreciation though! My house is upside down in the market right now. I owe more than what the house is worth.

Thanks.

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