Home Buyers: Is Now the Time?

As home buying season revs up, you may be wondering whether to start your engines or stay parked in neutral. The outlook on housing prices has been like a yo-yo--one day up, the next day down--but as Charles Wallace reports on our sister site Daily Finance, consensus is growing among real estate market watchers that now may finally be the time to buy. Prices are affordable and interest rates remain low--a situation that might not last. So if you've got good credit and the cash for a downpayment, this spring could be your chance to put down roots.

The news has been pretty gloomy on the housing front so far this year: The S&P/Case-Shiller 20-City Home Price Index lost 3.1% in the year ending in January, and other measures were down as well. The Mortgage Bankers Association reported a 1.7% decline in purchase applications this month.

But pundits always tell you to buy at the bottom of a market, so you may be wondering: Is this a good time to purchase a house?

It's hard to get a straight answer to that question. If you ask a real estate agent or a banker, they'll tell you with a smile that it's a great time to buy. Then again, they said the same thing back in 2007.

However, independent analysts now also are saying that the sweet spot for buying may be coming up in the next few months.

Read more at Daily Finance.com.

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

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I can tell you to AVOID buying a house unless you want to be underwater almost immediately. If you don't believe me do a quick search for " Infamous Mortgage Reset Chart - Nov 2009 " This will show you when and just how many mortgages will reset and when. The majority of the Option ARM's are resetting now through the middle of next year - 2012. The only problem with this chart are all of the mortgages that were "modified". Friends - there's a crash coming. Best of luck to all. I was able to sell my home in FL a couple of years back and basically just got back what I paid for it. Lost all the $ I put into it, but at least I got out with my skin. The folks who bought my house have lost half what they paid for it at this writing, fortunately, they've got a lot of money and are still enjoying the house & FL, if only for 2 or 3 months a year.

April 04 2011 at 4:24 PM Report abuse rate up rate down Reply

No one knows when housing will find a bottom. Prices could easily go down another 10 - 15 percent, or more.

April 01 2011 at 7:56 PM Report abuse -1 rate up rate down Reply