I get asked that question a lot. I then ask, do you have a job? How long do you figure that you will live in that house? Do you feel confident that you will have that job during the entire time that you own that house? Or, even better, do you think that you will get promoted during the time that you own that house? If the answers jibe and the period of time is 3+ years, then I tell them to consider the long term performance of the neighborhood that the house is in. If the long term performance is strong, the ultimate answer is, NOW!
OK, really all that I have done here is say, that you should be sure you can afford the house and buy in good performing neighborhood. That is fundamental. In fact, one of the fundamentals that was thrown out of the window and caused the last downturn. Real estate is and always will be a very good investment over the long term. Sure, there are times when the roller coaster hits the bottom of the slope, but what happens then? Does the coaster keep sliding off of the earth into oblivion? Nope, –at it’s fastest– it continues on the track and heads back up. That is where the housing market is right now. So, if you have a job that you expect to have for the period of time that you expect to own the home and find a good performing neighborhood, the time to buy is now.
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