“The Bubble will burst” ... "I'm waiting for the market to slow down” ... "The prices will come down in the fall"... These are statements I have heard for my entire career. Some people get fixated or hung up on this myth that real estate follows a 7-year cycle. These same people are sadly surprised when prices and market activity continue to rise, and they are left on the sidelines.
If you're going to play the market, always look at economic indicators locally and nationally. Local markets can vary considerably, so look at both local and larger scale to see what is happening in your market. Some markets rely heavily on their military presence; this is a high transient segment and can deeply be affected if the government significantly reduces the number of transfers that year.
Always look at where interest rates are going. They have been dropping and at an all-time low, but still be mindful they can go up! Right now, we are in a strong but stable market, employment levels are still high, healthy economic outlook and increase in population all show signs of a strong market for both buyers and sellers.
So, is it a good time to buy?? Yes! Interest rates are at an all-time low; the lenders are offering great mortgage products to get your business. Purchasing Real estate is a big decision, so make sure you have all of the facts and know your comfort zones, buy in areas that hold their value, close to transit, good schools etc. and buy within your comfort zone! Your agent is here to help!