What are you waiting for?

As a buyer what is it that is stopping you from pulling the trigger? 
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March 30 2011 - Minocqua
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Broken Finger
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March 30 2011
Profile picture for the_country_hick
Gun laws mostly. Besides, the neighbors get antsy when they hear gun shots in the middle of the night.

If instead you mean why will I not buy today here is why. I wanted to buy 15 years ago. I had a financial issue that ended around 2000. I saw how house prices jumped sky high. Since 2006 I have seen those same prices drop very slowly. I am waiting for the real "sale prices" to arrive. The markdowns have yet yet started let alone been cut to after Christmas sale levels.

When we look at Japan they had about 20 years of constant real estate price declines. Will we be different? If so explain why.

To see how others including the federal reserve agree that house prices are still to high look at the links below.
Peter Schiff: Here's Why Home Prices Have To Decline At Least 20% And Probably More

Gary Shilling: House Prices Will Drop Another 20%

The Fallacy of a Pain-Free Path to a Healthy Housing Market - Economic Letter, December 2010 - FRB Dallas <--- the federal reserve

Healdsburg Housing Bubble: Reset Chart from Credit Suisse has a Major Error  <-- a bad mortgage chart and why it could be optimistic.

Take a look. This shows how a bubble forms and dies. We are not close to a bottom. Why buy now and lose $50,000 in the next few years?
Do you know what the housing bubble really looks like? ... - Zillow Real Estate Advice
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March 30 2011
Profile picture for Pasadenan
In Wisconsin?  It is simply "too cold" for me...

And "why rush when I already own"?
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March 30 2011

Funny...

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March 31 2011
Erik,

Buyers are aware and educated much more than they used to be. For too long there has been only reasons to buy stated by Realtors. Everyone knows there is a load of bank owned homes sitting empty that aren't on the market right now. If I'm a buyer, I'm waiting for those to hit before I'm going to be a homeowner swimming in that mess.

From a buyer standpoint: Yes, interest rates could go up costing me even more in the long run. I've heard that for 4-5 years so what's different now? If rates go up don't home values go down? I'll be in the same boat.

We ask buyers "What are you waiting for" when we should be asking ourselves "What are we waiting for?". It's been a tough market for everyone, but some Realtors are still taking the bull by the horns.
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March 31 2011
Profile picture for the_country_hick
Erik, I would really like to buy a house now. Yet when I look and see a house sold for $68,000 in 2000 and now is for sale asking $178,000 I can not accept that value. It simply makes no sense. If the house went from $68,000 to $88,000 that would be close to right taking inflation into account.
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March 31 2011
Profile picture for klarek the realist
Houses are too expensive.  Why should I overpay for a house? 
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April 01 2011
 
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What are you waiting for?
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April 01 2011 | 7 answers
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