No one knows for sure when it is the right time to buy but in my opinion the "right time to buy" is based on things having already occurred.
I heard today that interest rates are at historical lows - something like 4.1% on a thirty year loan. Of course, that is the best rate for the best customer (best credit scores).
So what has to happen to signal buy? I believe, as a real estate agent, three things must occur:
- Home prices rise,
- Homes sold increase,
- Days on the market decrease (selling more quickly).