If you are wondering when to buy a home, NOW is the time. Prospective home buyers should know that home prices are down as well as interest rates which are hovering around 5%. The declining prices have greatly improved the affordability of houses for those looking to buy.

First-time home buyers are finding it now within their reach to have the American dream of owning their own house. There are great home-buying bargains to be had with all the short sales and REO’s. These affordable houses together with declining home prices have created a lot of competition, very similar to when the prices were climbing and home buyers had to make several offers before they could get one accepted. Home buyers are again, often having to make multiple offers before they get one home offer accepted.

When I write a home offer for a client, I first do a comparative market analysis to see what fair market price is, and we use that information to make an informed offer on a house. Many of the short sale and REO properties are listed at an extremely low price which makes a buyer think they can get it at that price. However, this really creates an auction type atmosphere, and the highest bidder wins out. One of the best virtues to have during this buying process is “patience.”

Posted on Tuesday, December 9th, 2008 at 3:37 am and is filed under Buy Home In. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.