Check out the latest update from the National Association of Realtors' website and Chief Economist Lawrence Yun. Higher conforming loan limits, rising popularity of FHA loans, and a potentially stronger economy towards the end of 2008 will all have a positive effect on the national real estate market.
http://www.realtor.org/research/reinsights/forecast
Remember, all real estate is local - markets differ from city to city...and certainly differ from state to state. Don't let the media's talk of a nationally poor real estate market completely influence your opinion. Take it with a grain of salt.
And, the most important thing...a "poor" or "soft" real estate market means what??? That it's tough to sell your house for top-dollar. What does this mean to buyers? It means that it's a perfect time to buy!!! Don't wait for inflation to get worse and let mortgage rates rise (and yes, they're already rising) before you buy! You'll kick yourself later!
Look at how a higher interest rate can affect your monthly payment (principal and interest) for a $200,000 house:
Rate: 5.5% - Payment: 1,135.58
Rate: 6.5% - Payment: 1,264.14
Rate: 7.5% - Payment: 1,398.43
At the current time, rates are still low - and sellers are very, very motivated...especially if there house has been on the market for months and months. If you're going to buy, buy soon! If you wait "for the market to come back," you're going to have to pay top-dollar!
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