I know that there are more than a few financial guys on here so hopefully you all can bring forth some sound advice.
Here is my situation: Longtime GF and I are looking to purchase a home in the future. We live in the Northern Va area (close to DC) and the housing market is and has been very strong here even when other markets sag.
The 411: Combined income @$115/yr - very little debt less than $15K combined - very good credit scores. We are both former home owners but currently rent. We have a great relationship with the landlord and are month-to-month no obligation.
The question is should we plan to buy with-in the next 6-10 months or wait longer? The market here seems to have leveled with sellers offering concessions in pricing and $$ back at closing now. I have also seen several homes that have been on the market 60+ days. 6 months ago you would NEVER had seen that!
Ad to the mix that Greenspan is headed out the door soon. And before you know it another election is not far around the corner.
Obviously we would like to time the purchase when we would have the greatest leverage over the seller. I know that predicting the future is impossible but there must be some leading indicators now, plus past history / performance of the housing market.
Thanks!
