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Real Estate Debate: Buy Now or Wait for Prices to Fall Further?

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With new-home sales up 2.6% in March, is now the time to get into real estate?

Hugh Moore, partner at Guerite Advisors and David Michonski, CEO of Coldwell Banker Hunt Kennedy, debated the issue earlier on Morning Call.

Moore says we are a year too early.

“We think we’re about 12-18 months from the bottom, the reason being typically corrections in real estate take years and not months to rectify themselves,” said Moore, who believes we are halfway through the housing correction.

Michonski believes that now is the time to buy, especially if you stay in real estate for the next three to five years. He says the current housing market is creating some good buying opportunities.

“You don’t want to wait until next Spring when you get a lot less inventory and a lot more competition and possibly higher interest rates,” said Michonski. “Now’s the time to do it.”