Buying at top of market or waiting? ALASKA

[Wade Stahle]

Here in Alaska the market has been booming for a long period of time. I have been very eager to buy my first rental but the the price of oil being so low will for sure cause our housing market to experience some type of depression. I am 23, my question is should I wait for the market to go down which could be a year or more (or maybe never) or buy now even though I may lose some equity?

[James Cash]

Hey @Wade Stahle, what kind of property are you looking to buy as a rental? Single family or multi-family?

Also, are you looking in the Valley?

My answers may change depending on these factors.

I will say, from a state legislative perspective, if the price of oil continues to stagnate, or drop, we won't see any sort of downtown for about a year. I would imagine the start of the second quarter of 2017. So you might have to wait it out if you're looking to wait.

I'm an advocate of making a move when you are ready and not trying to time a market. Just make a wise choice, know your numbers, and pull the trigger. If it's not a great deal pass on it and wait until you do find one.