Don't put off buying

A realtor in the San Diego area posted his comments on a national blog and here are four paragraphs of his comments.

My thinking is that if you need a home, you should buy it now. Why now? Interest rates are very low, inventory is up and so therefore, you can get a good deal.

Let's say you want to wait until prices go down further. If you are buying a home where you plan to stay put for a few years, the lower purchase price is not going to make any difference in the long run. I believe is not worth playing "Russian Roulette". I remember that when we bought our home when the market was up, I was very upset because I had to pay $ 10,000 more than the Bank's appraised value. After a few years and my home went up in value, I did not even remember what the appraisal fuss was all about.

For Buyers needing to buy, waiting could be a bad financial decision. They might end paying a higher interest rate and one point difference in rate could mean, that the home they were "eyeing" to purchase at a lower value, could become become unaffordable.

The rash of short sales and foreclosures in San Diego, even though is high, it is not going to drag prices down. The amount of short sales and foreclosures is very low compared with the existing amount of homes in any given area. Foreclosures do not represent market value. They are an abomination.

This is not a recommendation to buy but just a posting of one realtor's point of view.