Should I buy a home now or wait for the market to slow a little more?

I am considering buying a townhome with my wife in the coming months... @ 194,000 for a very, very nice 1500 sq ft home. I have seriously debated it, though we wouldn't stay there for more than 10 years... is this a good investment for us or are we going to lose money. (I know you can't tell me for sure but some good advice would help.)

I believe the best time is now. You may loss some equity, but in time (4-8years) the market will be much better. Yes, it is the best investment a couple can do.

who knows what will happen in 10 years but otherwise
it is a sound investment and since the market is down
you might be able to negotiate a better price, did you
get it appraised yourself because that sound high
for 1500 sq ft.

If you are in a good spot, it is not a bad price. If you are rural, it is a lousy price. People don't lose money on real estate per se. What happens is the people who bought at the height of the bubble bought at higher prices and are forced to sell, and people aren't going to give them the money they want. Most people invest with a short term mentality and end up losing. Investing with a long term mentality will make you financially successful.

Its a tought decision. My guess is the real estate market hasn't bottomed out yet and mortgage rates will also fall some more. On the other hand, you have to weigh the personal inconvenience you may experience by waiting longer to buy.

first question is what town or city?
second is are there many homes similar available in your price range?
this market has a ways to go down, the longer you can wait the more you will save. I would rent one more year then buy. Follow the news and dig deeper into home inventories in your neighborhood.