Continued from Agent's Advice

recent forecasts say the market is hovering just at or above bottom. Given no one can actually pinpoint the bottom except in hindsight -- after the market rebounds -- waiting for that elusive place in time is as risky for buyers as it for sellers waiting for the market to peak.

But before you rush out the door in a frenzied attempt to stay one step ahead of the bottom feeders, remember that a "good time to buy" for you may not be the same "good time to buy" for someone else. Personal considerations trump the generalities.
Instead of making the home-buying decision based solely on market conditions, consider it in a more holistic context.

It's only a good time for you to buy a home, typically, when owning is cheaper than renting and a home purchase is a natural fit for your financial needs, goals, obligations and lifestyle.

Consider market conditions -- it's wise to buy low and sell high -- but also examine your complete financial picture, other goals in life and plans for your family.
It's not easy.

The current market offers a big carrot. "Today, with the real estate market slowing in many parts of the country, all the market fundamentals show that buyers are now in the driver's seat," said Jerry Howard, CEO of the National Association of Home Builders (NAHB), in a recently release.

"Consider the facts: prices are competitive, rates are low, the selection of homes is high in all price ranges and sellers are ready to bargain," he added.
Right now, however, if you take the plunge but can't tread water until the market again surges with waves of home price appreciation, you could sink. On the other hand, if you don't take the plunge and home price appreciation swells, well, you could be priced out of the market -- grounded.

"First-time home buyers who choose to 'play it safe' and keep renting are essentially postponing the opportunity to build household wealth. Currently, with rental vacancy rates tightening, they can probably expect to see an increase in the rent they pay. No one can accurately predict the peaks and valleys of the housing market. If you try waiting for the absolute best deal, you could end up literally waiting for years, missing out on the opportunity to become a homeowner while prices are moderating," NAHB advises