A question for a wise move

[Steve in France]

Hi guys , as most of you know we are due to take up residence in D.C. at some point soon. I keep doing research on the House market and the price Bubble. We will need to live in MD near the French School which is in the most expensive paet of MD ie: Bethesda / Chevy Chase . I've been looking at houses in Silver Spring as a little cheaper option. I'm thinking it maybe smart to not buy for a year as prices seem to be about to drop. What do you guys think of the future of House prices ?
Thanks

Later
Steve

[David]

Hello Steve,

Glad to hear that you are coming home. I live in an area that is the fastest growing county in the south, and in the top 5 in the nation. The 'buy, hold, sell' folks think the upward spiral is over for at least the short term. We never see national slowing trends, but this last fed increase made an impact here. I live in an area that has lots of upscale homes, and I have noticed a slow down in building.
So I'm thinking that areas like MD with some of the most expense properties in the nation will be impacted. Renting for a year, and looking at your leisure for exactly what you and your family wants seems prudent, and might even save you some money.

Regards,

David

[Steve in France]

Thanks for the advise David , it's direction we have been thinking , rent for a year find the right place at the right price , take fifteen year mortgage and pay as much as we can off fast. I'm just pretty sure we are looking at a global recession soon , the one in 98 never happened and the one in early 2000's never happened , I feel it's a Dam about to burst , I hope I'm wrong but .
Later
Steve

[Iowaboo]

I feel it's a Dam about to burst , I hope I'm wrong but .

But we want to have our bamboo up and ready if the time comes. Who knows, we might have to make a raft. An ancient sea once covered Iowa. Should I be scared.

[Jeff: Igor's Apprentice]

I don't think its a bad time to buy if you shop carefully and plan to stick around. However, if you have to turn around and sell quick because you made too rush a decision, then you may be sorry.
Im one who believes the market is cooling, not bursting. My philosophy is that the best deals will be had when the fear of sellers is at its peak and that could be now for some sellers if there isn't a bubble.
Now of course is not the time to buy more than you can truly afford for investments sake. But if you find exactly what you want at a price you can easily afford make an offer on the less aggressive side and hope for the best! I've always made my best real estate purchases when I was under no pressure to buy, so its good you would be happy renting. When you decide you have to have a house now is when you're bound to overpay.
Having said all of that, I would think it would be extremely difficult to purchase a house in an area that I wasn't all that familiar with. Nor would I want to rely heavily on the advice of a realtor who is finding he/she has to work 2 or 3 times as hard to make the money they have been made used to because of a rash of reluctant buyers.

[Markj]

Howdy Steve , any dates on the the big move yet- Still Ok to pay a late Oct visit

[Steve in France]

Thanks again for the advise , we are in no rush to buy unless the right place just appears. If we sold this place we would have more options but we want to hang on to it and also have a place in the US , retirement investment and all that .
Mark give me a call soon if you get the time. Move end of Dec I guess.
Looking forward to your visit I have a Van load of stuff for you and the Boys if you want it. Everything must go
Later
Steve