Let’s look objectively at what’s happening in the market from a buyer’s side. Prices have come off their record high, so you won’t be spending as much as you would have for a house if you had bought 2 years ago. Interest rates have also come down again. Today’s rates for a 30 year fixed rate mortgage are hovering around 6% - that’s a pretty terrific rate. (I remember when interest rates first broke double digits. I didn’t think rates would last long under 10%. That was 17 years ago and rates haven’t been close to the 10% mark since then.)

Yes, you could play the waiting game and see if prices continue to come down in the next year or so. The issue comes in if interest rates rise. Chris Martorana from Mortgage Network recently sent me a very interesting flyer. . . Does it make sense to wait because housing prices are softening or not? Click on the table to see it larger, but the basic presumption is this - Let’s say you’re looking at a house that would sell for $350,000 today. If the price drops by 10%, but interest rates rise by just 1%, you would only save $9 a month versus buying the house today at the higher price, but with the lower interest rate.

What does it all mean? Just like I always say - make your move when it’s the right time for you and your family.