Buy Now?

You always want to buy when others do not...10 years from now you will say  "man, I should have bought back in 2006-2007"

Didn't everybody say something similar in 2005?

Yes, they did.  Just keep in mind that the times have changed and you must be able to qualify and afford today's loan. 

Not like in 2005.  There are a lot of people who could get you loans in 2005 that aren't in the business now.

I think it depends on whether you are buying a first home, your dream home, a Condo, or a place to live that is also an income property ...I would think the answers vary.

For example, if you buy a 2-3 family house, prices are not cheap, taxes ARE going up (no matter what the values) as are utility bills, waters bills, garbage & sewage, WHILE rents are being lowered. (Go figure, yet it does have to do with the sad state of our current enconomy.)
 
So, if you expect the Rental in a more than 1 family home, to cover all or most of your mortagage, you might want to see if you have enough left over, for any extra 'loose change" or 'actual support money."
 Also, there are always hidden costs. You just never know when that hose on the washing machine might decide to burst open, and what will get drenched and become moldy? (Yuck!)  Or an appliance will croak...(I believe in collusion among appliaces...tongue in cheek.) Has anyone else ever experienced a 'Revolt of the Appliances at Once? ...As if they made a pact to all "GO" the same day...and then a pipe burts over head, and one either laughs or cries?'

I remember such a day some years back, after several appliances sang or sputtered their swan song; & THEN, downstairs, water gushed over me. I called the plumber as water pured down my hair to my nose...He hollored (hearing the water)..."Where are you calling from 'Niagra Falls'?"  I was not amused at the time; NOW I think it was funny, that he could hear such a gush. {By the way, I DID sit down and crack up with a good belly laugh. I decided it was healthier than getting hysterical, and I didn't want to frighten the kids.}

While it seems I may have wandered off point, I really have not (I think). This translates, to one must have enough of an "Emergency Fund" to cash flow unforseen expenses, without relying on Tenant rent to pay for them.

If you have enough for that, AND the Tenant Rent 'helps or makes it easier with the mortagage' then go for it before prices rise....yet ALWAYS do have that critical home inspection.

Homes seem to appreciate more than Condos; the Condo taxes are less expensive; however, the amount of appreciation seems far less. At the same time, if a Roof goes, you have 'others' with whom to share the burden, in a Condo. And not all Condo Associations are equal...Some Management Companies do gouge and one often does not get THAT reference till too late.

Wish we had a LIST of Relaible Management Companies and Recommendations that are real. Do we???

Summarizing, in my opinion, it would depend on the Loaction.Location.Loaction, AND whether your job is secure; if you have a nest egg left, and an emergency fund,
All in all, I do think that more than one Unit to a home, can give one added tax incentives as well. At the same time, some Tenants can rip a Landlord off for rent when they lose a job.Lest you do not know, it is very hard, long and costly to evict a Tenant. It can cost up to $10,000, as far as I know of.

This is a complex multi-layered question with correspondingly complex, multi-layered answers.  Good Luck.

Having read Melody91's comments I think it is fair to say those financially able should be "looking" to buy.  Some areas of Hawaii still have a lot buyers actively purchasing homes at specific pricing points, in fact so much so, that clients of mine are looking to pay more than the market which is a positive sign.  However, that is only because some areas dropped like a lead weight and hit bottom, then once the supply was gobbled up, there is no longer sufficient supply.  So buyers are having to pay more or wait and still compete against 10 other buyers when a home hits the market.  So it is a good time to buy and there are a lot of buyers that know that and so you can expect to bid in hot market areas.

"then once the supply was gobbled up, there is no longer sufficient supply.  So buyers are having to pay more or wait and still compete against 10 other buyers when a home hits the market."
That is happening in Los Angeles, CA real estate market right now, if your house is in good shape and priced correctly you can sell at or over the asking prices.

"So it is a good time to buy and there are a lot of buyers that know that and so you can expect to bid in hot market areas."
No, It's not a good time to buy, since you need to bid over prices to get the house, it is good time to sell if you needed to, however.

From the answers following my posting, which I found most interesting, it seems that the "WHERE" and "CONDITION" and, of course, your pocketbook, help lead to the right answer per individual on a case by case basis.  Good Points shared. Thanks from all of us.