A colleague asked me this question at a meeting of the Shenandoah Valley Builders Association this evening:  So, would it be a good time to buy a house right now?  I responded that it would be, IF.....

• you know you'll be in the area for the next 5+ years
• you know that you have stable and reliable income
  
• you have reasonably good credit
• you have some cash on hand for a down payment / closing costs

If you think about it, that is a lot of qualifiers.  If you might want to leave the area in a year or two, this may not be the best time to buy a house.  If your income might change or become less regular in the near future, this may not be the best time to buy a house.  If you have credit issues, or zero cash on hand, this may not be the time to buy a house.

But if you do meet my rough qualifiers above, now can be a fantastic time to buy, as you'll get to take advantage of:

• low fixed interest rates on a mortgage
• lots of homes to choose from on the market
• more negotiating power as a buyer than in a normal market

Buying a house isn't for everyone --- but if you know you'll be here in the Harrisonburg area for the next five years, this can be a wonderful time to consider buying a home. 

P. S.  There are plenty of other aspects of your particular scenario that could weigh your decision more or less towards buying.  I'm happy to work with you to talk through that decision making process.  Let me know if that would be helpful to you.  You can reach me at 540-578-0102 or scott@HarrisonburgHousingToday.com.