Is This The Best Time To Buy A Home?

According to the prestigious S&P/Case-Shiller index, prices in the U.S.'s biggest real estate markets have actually dropped in the last two months. http://www.latimes.com/business/la-fi-home-prices-20140226,0,7474451.story#axzz2uSCTFxPt. But in 2013, prices rose an average of 13.4% and some people are predicting another sharp price rise. I am not one of those people.

The sharp price rises of 2012-2013 were primarily due to investors buying foreclosed properties following the real estate collapse and home buyers afraid they would be priced out of the market.

But the U.S. and most other major economies around the world remain weak, and most of the low home purchase prices are gone. Other than those people who need to buy a home, many would be buyers don't feel compelled to act. In some markets, prices ran up so sharply, it is actually cheaper to rent a home.

Speaking to you as a 37 year real estate investor, if you plan to buy, take your time and be selective. And once you do buy, plan to stay for the long term, as you enjoy your life, while not trying to make a killing in real estate. Time will likely make your investment a good one, and in any case, life is about far more than making money in real estate.

Dick