Many people have been waiting for interest rates to come down so they can buy a house.
You might want to check with your local real estate agent, but I believe that with the pent up demand, prices will go up as interest rates come down. So if you are ready to buy a house, you might wish to consider buying now before prices take off. You can always refinance in the future, but you will be stuck with a higher purchase price.
So are you ready? Or do you just want a house?
Some questions you should ask yourself:
1. Are you confident you will be living in the area for 5 years or more? If not, might be better to wait.
2. Do you have any life changing events likely to occur in the next couple of years? A marriage, a career change? If you are not reasonably confident your lifestyle is here to stay awhile, a home purchase may be premature.
3. Are you financially ready?
3-6 months of living expenses set aside in an Emergency Fund
Debt free?
20% downpayment saved?
Do you have a budget in place that allows for the mortgage payments, utilities and occasional maintenance/improvement projects?
Purchasing a home can be a huge blessing when you are ready for it. However, owning a home before you are really ready for it can turn into a nightmare.