Good reasons include declining home prices over the past four years and near-record-low mortgage interest rates.
Bad reasons include that home prices are likely to decline further in the next year. So why not just wait to get a better bargain?
Also, while mortgage interest rates are low, mortgage loans are difficult to obtain.
Low mortgage rates and declining home values make homeownership extremely affordable these days. But does that mean now is the right time to buy a home? Should you wait?
It depends on whom you ask, where you live and most important, on your situation.
Unfortunately, “nobody hits the gong when the market hits bottom,” says Jed Smith, managing director of quantitative research for the National Association of Realtors. But in many markets, it appears that home prices are close to bottoming out, he says.