Real Estate Q&A: Is this the year to buy?

By GARY M. SINGER — Sun Sentinel

QUESTION: With the market up and down and with elections on the horizon, my husband and I are unsure about whether we should buy a home. We don’t want to wait too long and have prices go back up. What are your thoughts on buying in 2012?

-Emalita

ANSWER: Buy. The housing market is nearing a bottom in many areas. But I think this recovery is fragile, just like the beginnings of a recovery in the economy. Unforeseen events certainly could cause another dip in prices. Even if this occurs, I don’t think that most areas will drop very much. And temporary declines don’t matter as much to people who buy and intend to live in the home long-term. Interest rates seem to be on the rise, and that will cause mortgage payments to rise as well. I would start planning to buy, but don’t be in a rush.

 

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