When is the Right Time to Buy?

This is the time you hear about... when it's a great time to take the plunge and buy in a down market. With interest rates at an all-time low and home prices way down, it's tempting!

But is it the right time?  "Real estate experts are warning buyers against trying too hard to time the market, which puts you at risk of miscalculating the "bottom" of the market - especially for first time homebuyers." cautions  Elain, a marketing specialist on the Trulia blog.   "So how can you avoid the same mistake?  Start by picking the right timing for you (and not the rest of the market) by getting the facts and information you need (about your area)."

The Colorado Division of Housing reports that home prices in Denver are still falling.  According to the Case-Shiller index, Denver area home prices fell 0.8percent from August to September 2011 and fell 1.5 percent, year over year. 

This drop in home prices continues a 15 month pattern for Denver.  "The National Index was down 3.9% versus the third quarter of 2010 and up only 0.1% from the previous quarter. " according to a press release from Standard & Poors.

"Home prices (in 2011) are not likely to match even the levels seen at seasonal peaks during 2009 and 2010." states Ryan McMaken of CDOH.  "The Denver index during August 2011, was at the lowest value seen since 2003."

Nationally, the top 20 cities experienced a 31.3 percent drop since home prices peaked in July 2006, whereas, Denver is only down 10.5 percent from its peak in August 2006.

Knowing the right time to buy usually involves "hindsight".  Sometimes, we only find it out it was the right time when it's too late and "wish" we had taken the plunge. 

A lot of things are involved when purchasing a home.  First ask yourself, "Is this the right time for YOU?"   Make sure you can afford it.  And then hire an expert to help you understand the market and help you make the best decision for you.

Posted in Real Estate Market Conditions, Headlines

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