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If You Buy Now, Will You Lose Money?
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In addition, there is an unusual abundance of attractive detached houses available for rent now. These rentals are making it even more difficult for strapped owners to sell, as skittish buyers can move into the neighborhood without putting their money into ownership.
Should you rent and wait until the housing market gets past this slump? Once again, the answer depends on your household's needs and your temperament.
If you might be moving in the next couple of years, then, by all means, rent.
If you would like to buy but can't afford the down payment (the new "in" accessory for real estate deals this fall), rent the most affordable place you can and bank your cash until you have at least 3 to 5 percent of the purchase price.
If you don't mind hauling your furniture to a new place if your rent increases, if the landlord doesn't keep the place in good repair or if he pulls it off the rental market, sign that new lease.
If you want to lock in a low home price, establish roots in a neighborhood and snag a low mortgage interest rate, now is as good a time as any to make a purchase.
It's a much less risky move than it was in 2004, when bidding wars sent prices soaring and practically everyone seemed certain that buying a home was the right thing to do.
E-mail Elizabeth Razzi at razzie@washpost.com.
