Any finance,economics expert could you suggest on this.

depends on location and 10-15 year plan.

I would not say this is the best time to buy a house but I do not see house price going down any time soon. This is currently seller's market and rates are really really dirt cheap. Best time to buy house was back in 2011-2013 where rates were cheapest and houses were cheapest too.
Fed has already raised the rate by quarter of a percent few months back and they are planning to increase in future too then we can see jump in the mortgage rate too. So I would say invest it now.
No body knows when the recession will hit specially banks are very strict these days. They are not like back in the days 2005-2007 which caused 2007-2009 recession. So My suggestion is buy now.

@ sajhamirta soooooo.......it's a currently a sellers market so you suggest to buy now?

do not have much idea but aruharu (experts) ko kura sundaa house price might go down soon..but again, dont trust me completely

purely speaking about home buying in regards to finance/economic....house is always a good thing in a long term. Build equity, deduct mortgage interest and property tax for filing taxes, fixed payment....so in time you salary will go up but your payment remains the same. So the way i look at it.....first is location and your 10-15 year plan.

@santa, yes even it's seller's market i am saying you should buy now because house price is not going down any time soon for sure. Even though it's seller's market, rates are extremely cheap. Remember back in the days (prior 2009) rates were >5% now it's lesser than 4% for 30 years.
Well you can argue saying 'what the heck it's just 1%' but when you calculate the total interest pay between 4% and 5% for 30 years for 400K loan then it would be around 100K.

Also if you ask me, paying for rent for your apartment is nothing but throwing your money in the gutter. Not only you are gaining no equity but amount you pay for for the rent is already taxed money. So you already adding 25% on top of the rent unknowingly. On contrary to that, paying for your house seems large amount of money but you are gaining equity and interest you pay for the house is tax deductible. Also no one will kick you out of your house or increase your mortgage where as in apartment you see increase in rent every lease term.

Thanks everybody for the the concrete details. You guys great.

Santa lil helperjiu --- deduct mortgage interest ---- yo maile kaile bujhina ..... 100% tirera tax ma whatever percent one saves (15%-32%) kasari ramro deal bhayo?

without mortgage interest: 100 khaltima rakhera 30 tirda, hathma 70 baki huncha
with mortgage interest: 100 tirne, khaltima 0, tax bharne and hathma 30 auch ... yo 40 ghata lagena ra?

I have no idea what you've just said....but thanks for commenting on my response.

Depending on the location ,old house/ new construction and so on but again like people said houses prices are not gonna go down anytime soon. Also, Mortgage rate is falling every week.
If you are in Texas, I would def. recommend considering.

There won't be a real estate market crash like 2008 this time, even if we go to another recession.

I expect home prices to go up again beginning April and come down by November. This would be a good time to buy (before Summer peak) since price hasn't peaked yet and rates are relatively low. If FED keeps on increasing the rate, you will end up paying same thing per month even when the real estate market has cooled down by November.

property tax + mortgage insurance (maintenance when m.i. no longer needed)+ home insurance = my apartment rent
Even if(when) you own the house outright, you will still be paying monthly "fees/taxes", which are equal to apartment rent, to stay in your own home.

So this notion that you are throwing money in apartment is completely false. You are throwing away that money regardless. Buying a house is an added expense. It does not replace your apartment expense.

@ dctroll - tax/fees/maintenance will always be their!!! you pay taxes on food!!! you maintain your car!!!
apartments never build equity. house builds equity.
you never own apt. you own house.
you never finish paying off you apt. you will finish paying off your home if you choose to.
assuming its a average size house and it's payed off compared to $1000/month rent
your rent in 3 years will always be higher than maintenance/fees/tax for the house in 3 years.
And finally
know the difference between "owing and being owned", because "when u owe, you are owned".

@santa lil helper. sounds like you don't have much idea about buying vs rent.

http://www.realtor.com/mortgage/tools/rent-or-buy-calculator/

plug in the number and see what will cost you the most in the short term as well as the long term.
you need to understand that how much is going out of your pocket that will never come back when it comes to buying vs rent.

@ dolphin......i do rental investment across the country. i have 5 properties right now. two of them PAID OFF by renters like yourself. Three of them BEING PAID OFF by renters you like yourself. Renters like yourself are paying my mortgage(s), car payment, and vacations.
And I did live in Apt in my college years.

So yes dolphin......i really don't have much idea about paying vs rent!!!
YOU need to understand that how much is going out of your pocket that will never come back when it comes to buying vs rent.

don't talk unless you've done it.
You become a player by playing the game, not studying the game!!!!

prove it bitch

@ user01 -

really!!!
did you read the thread? what is the thread about? the thread is not about how you feel about my yapping and shit.....it's about "Is it good to buy home this time or wait until it hits recession? Did you even tried to answer the question or contribute to it? I did!!
If you're tired of my yapping and shit....then go to a different thread....it not that hard...it's just a click-click away!!
Were you born stupid or you just trying real hard to be stupid?

santa lil helper. Please don't feed the troll like user01.
It seems like you have some experiences on real state, do you have experience buying a land only? I want to explore more on this. Buying a land is something which is ignored many times. So just curious if you are thinking about it.

@ sajhamitra - sorry i don't have any experience in land buying.....although i do have a lot of interest. i get all loads of ads in my mails for acres and acres of land for like 20-30k. seem like a great deal to me.....but i haven't really drove in to it fully. but from the small research I've done in the past:
- you have to maintain the land
- if people wonder into you land and get hurt.....they can sue u - big turn off!!!
- you can stike up a deal with farmer to have them harvest and maintain the land....kinda like land loan - big plus

hope this helps