Interests rates are historically low. Bank rate is 1 % ! Prime rate is 3% and all of us know its buyers market !! Compare prime rate of 4 % on 22 Jan 2008. Do they want to buy when it goes up again !
I don't see housing rates haven't gone drastically down in my area and around yet. THat what I tell my clients: come with me and see your self. I disagree with the media. If real estate was at its peak in 2007, do we justify if we compare it with 2008.
The market is slow. If we put Lay off factors aside, for those who have a secure job or secure income from business, this is the right time to buy or upsize. They should utilize this opportunity of historically low interest rates and the current housing prices. They should not wait for interest rates and the prices to go up and t hen buy. What happens, if the market swings back after spring ? It will be an opportunity lost on both the fronts, both interest as well as the price. Buyers need to understand this. We need to make them aware of this importatnt issue.
All said and done, for buyers, who think they have a secure earning or can affors to buy, this is the best time to buy.