The Current State of our Local Housing Market

I post this, because so much of the general public is under the impression that the current housing market is "Bad". When in fact much of this kind of opinion is wrong. There has never been a better time to buy a home. Some people say that it is a bad time to sell a house-this too is incorrect. Here is a short explanation of selling. Many sellers are reluctant to sell their homes for less than they paid, but this is almost always the case for someone who purchased a home in the past decade. But 'all ships rise and fall together'-meaning it is not just their home. Everyone is in the same harbor. If they sell their home for 15% less-the home they purchase will be 15% less. The equity for the home they sold is actually in the home they are buying and they will realize the equity when they sell their new home. "buying up in a down market" is a familiar phrase. What this means is : let's say you sell your $200,000. home for $180,000. You loose $20,000. dollars, but you buy a $300,000. home for $270,000. you may have lost $20,000, but gained $30,000 , which gives you a net $10,000 instant equity and a bigger home. The only time it is not a good time to move is if this is nest egg money- meaning you are not going to buy anything new and you intend to live off the proceeds from the home. Then, if you don't have to sell,don't.
if you can hang on for a few years do. But I do believe that a house needs to be more than an investment- it needs to be a home.