I saw a Trulia article today that said the new generation of buyers, 18-34 expect to own a home in their lifetime, and hopefully within 2 years.
The majority of people surveyed expected home prices to go up in the next few years.
Right now the interest rate for 30 years is 3.25%, and at today's prices that is a great buy. So I would advise that if you have a down payment of 3.5% or more, if you have a credit rating of 620 or more, and you have had a job for 2 years, that you'd be "not so smart" to put off buying, because if the prices alone go up, that means more money in monthly payments, and should the interest rates also go up, that would mean even higher payments, which is great outlay of $$$ over the 30 years.
My advice, buy now!!
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