Real estate is a very hot topic right now. A leading financial expert, Jim Cramer, recently stated that now is the worst time to buy. Jim Cramer may know about stocks and bonds but he doesn't know real estate.
Anyone that is familiar with supply and demand will tell you that now is the best time to buy real estate. Homes are taking longer to sell so there is a larger supply of homes thereby lowering the overall demand. This means that buyers have more leverage than ever before. If this same buyer waits for the market to turn around, he or she is likely to pay a much higher price.
The flipside of this, of course, is that conditions are not as favorable for sellers. If you have a home to sell, all is not lost. Many sellers feel they should wait for the market to turn around before putting their homes up for sale. The downside to this approach is that it works against them when they become buyers themselves. They may realize a better price on the sale of their home if they wait but they will also pay more for the next home.
In reality, "timing the market" doesn't work for the stock market and it doesn't work for real estate either. A home that is priced accurately and shows well will sell in any market.
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