In today’s market, the buyer holds all the aces. The housing market is cooling off from the boom of several years ago, making today’s economic environment the perfect one in which to buy a condo. Rates are low and inventories are up, meaning more choices for condo buyers. Read on for answers to common questions, and discover why there’s never been a better time to buy your condo.

Should I wait until interest rates go even lower?

No. Current mortgage interest rates are extremely favorable for buyers. In fact, rates for 30-year fixed-rate mortgages are hovering near 30-year lows. No one can accurately predict whether rates will go up or down. Even those who follow the market for a living can’t figure out when interest rates will bottom out. Waiting to time the market is a losing game.

Also, home prices don’t necessarily move in unison with interest rates. If you decided to roll the dice and wait to buy a condo, and the price were to drop $10,000 from where it is today, you could still end up losing money. How? If interest rates were to move up by just a half point during this period, the savings on the reduced price would be more than offset by the higher monthly payment and the total amount you'd spend over the life of the loan. In this market, your best bet is to buy now.

Should I wait until home prices go even lower?

No. We likely won’t know how low prices can get until they’re on their way back up again. Condo prices, like interest rates, are difficult to predict. The best way to “play it safe” is to actually purchase a condo.

When you buy a condo, you’re also purchasing price stability, so your monthly payment will stay the same for the life of your fixed-rate mortgage. Now consider the current rental market. While home prices have been moderating, rents continue to rise. There’s no economic security in not knowing how much your rent will increase in the coming years. And continuing strength in rental demand signals that there is upward pressure on rental apartments. The real risk isn’t in buying a home – it’s continuing to rent.

Will I be able to get a condo that’s right for me?

Yes. There are plenty of available condos right now thanks to waning demand, which means the buyer is clearly in the driver’s seat. Many sellers are cutting prices or adding incentives in order to sell in this buyer’s market. In many areas, buyers have the luxury of being able to take their time and negotiate a deal for the first time in recent memory. For buyers looking to find their dream condo at an affordable price, there’s never been a better time.

Is buying a condo a good investment right now?

Yes. As a long-term investment, condo ownership is still one of the best choices for individual households. Condo ownership has a track record that is virtually unmatched by any other purchase in terms of its real benefits. Over the long-term, condo real estate has consistently appreciated, even through periodic adjustments in local markets in response to economic conditions. And despite recent turmoil in mortgage lending, there is still plenty of mortgage credit to be had at good rates if you have relatively good credit, a job and steady income. For qualified buyers, rates are running near historic lows.

This is your chance.

In short, the smartest and safest time to buy is now. We know that interest rates are low today. We know that home prices are down. We know that there are plenty of homes on the market to choose from. We know that sellers are willing to bargain. And we know that builders are willing to offer attractive incentives to get your business. There really has never been a better time to buy.