Waiting for the Bottom of the Market

Continually we hear buyers say, "I am going to wait for the bottom of the market". Good strategy indeed, my question though is, "How will you know it's the bottom?" No one will know it is the bottom of the market until it is no longer the bottom of the market and the market is on the ascent, at which point buyer's have probably missed great buying opportunities. Not only will they have lost great buying opportunities but I am going to predict that while they were sitting on the sidelines waiting for the bottom of the market, interest rates began to climb. So over the long term how much did anyone really save if anything at all? Lower home prices with higher interest rates does not sound like a savings to me.

With inventories in our area high, it seems to me like a great time to buy. There is lots to choose from in most areas in most price ranges. When / if the media picks up on this and chooses to report on it, these buying opportunities will diminish and prices will start to creep up. This is the simple law of supply and demand. The more the supply, the lower the price. The scarcer the homes in supply, the more expensive the price. Does anyone really want less to choose from at a higher price? Think about it.