WHEN TO BUY - Buying a Condo, Townhouse, or Single Family home in DC, Maryland, or Virginia

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Most buyers spend far too much time overanalyzing the perfect time to buy. News flash—there is no perfect time to buy. But there is a preferable time to buy. For example, presently the Fed consistently has dropped interest rates as the foreclosure crisis has caused property values to drop and, simultaneously, the volume of inventory actively on the market to rise. If you have a good credit, now is a near ideal time to buy. The real estate market is not an industry in which you want to follow the leader—it is the trailblazers who often make greater financial gains than those following the pack. Few people are buying right now, which means those who are in a position to buy will have excellent leverage to demand closing help, inspections and a reduced price. A few years ago during the housing boom we observed the opposite, a climate in which everyone was buying and bidding up the list price. Sellers enjoyed the leverage, removing inspections and contingencies—a bad time to buy and a great time to sell. So, when to buy? As soon as you establish a stable source of income, obtain a credit score qualifying you for a prime loan (rather than a sub-prime loan) and plan to be in the same area for a minimum of two years. There are few benefits to handing a rent check to your landlord month after month when you could be building equity in your home and benefiting from a host of tax credits. Don't allow fear to hold you back from staking your claim on the American Dream.

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