Real Estate Journal recently ran an article (Buy a Newly Built Home Now or Wait for Prices to Fall Some More?) that talks about timing and purchasing a new home. A reader wonders whether he should buy a home now or wait for the prices to drop even more. The short answer is – buy now. No one can predict when a market will bottom out.
Also a report by Harvard University’s Joint Center for Housing Studies notes that sharp declines of 5% or more seldom occur in the absence of severe overbuilding, dramatic employment losses or a combination of the two.