The problems with the real estate market in general and the concurrent credit crunch has buyers wondering what they should do. Experts have divergent views, some saying stay on the sidelines while other say if you can buy go ahead and find a house. Buyers with great credit and cash may want to buy a home with one caveat, remain in the home for a period of at least 5-8 years. By that time, say the year 2014, the real estate market will have finished the process of correcting for home values. Other so called experts will say wait do not buy yet, prices will fall even farther. I tend to agree with this argument. However, buyers need to make individual judgments based on the best data available to them. Buyers who are able to lock in on a low rate should do so. The caveat to locking in a rate is typically the rate is only good for a fixed period of time, example 90 days. The issue with the pace of recovery in the real estate market is how the "psyche" of the buying public will affect their decision to buy now or wait until prices drop lower.
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