Is now a good time to buy? This all-too-common and seemingly objective yes/no question can really only be answered by examining a variety of variables, many of which are neither objective nor binary.
There are two major issues that need to be examined: 1) the current market conditions and 2) your/your family's personal situation. When I'm asked this question people are invariably asking about the market. But the real answer is only revealed by examining the personal side of the equation. Why? Because the answer to the market question is almost always yes.
Ok, I can hear you rolling your eyes. A Realtor is telling you it's always a good market?
If you purchased a home in Silicon Valley in early 2008 your real estate wealth would have doubled or more today. But first, you would have suffered a rapid 25% loss almost immediately after buying. So was 2008 a good time to buy? Yes, absolutely, from a financial perspective. But should you personally have boarded that housing market version of Mr. Toad's Wild Ride? To answer that you need to examine your individual situation.
The Personal Evaluation
Time Horizon
Are you committed to the location, and the house, for a reasonable length of time. The long-term financial benefits of owning a home are indisputable, but it really takes about five years until owning looks better than renting. From that point on the advantages of ownership get bigger every year.
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