More good news for buyers

Yesterday's P-I reported recent sales figures showing that Seattle-area home prices are declining somewhat. http://seattlepi.nwsource.com/local/346385_housing08.html

Whether you see this as a positive or a negative probably depends upon whether you are attempting to sell your home or buy a home. If you have a home to sell AND intend to buy another, then it's pretty much a wash anyway. You aren't going to make a killing on your current home, but shouldn't get soaked on a new one, either.

If you are thinking of buying your first home, you are probably wondering if you should wait? How low the prices are going to go? If you find anyone who can accurately predict that, I guarantee you s/he is already a very wealthy person! The only way to know when the market has bottomed out is when it starts to go back up. As the saying goes, hindsight is 20/20.

So when is the best time to buy a home? That depends on your own individual situation. Life events, financial circumstances and even your emotional state all play important roles in determining the best timing for you. Beyond that, only time will tell whether you happen to have purchased at the top, bottom or middle of the market. But if you are happily sitting in your own home, does it really matter?