One of the questions we are asked most often is, “when will be the right time to think about buying a home?

The answer is right now, if possible, but let’s expand on that a little further.

One of the main concerns of those looking to buy a property is what might happen to house prices. Let’s face it; nobody wants to invest in such an expensive asset if it is going to continue to lose value. With the media full of reports of double digit declines in values, and estimates of further significant reductions throughout 2009 it would be very easy to conclude that it would be better to wait until values have reached rock bottom.

However, one must understand… waiting until we THINK we’ve hit “rock bottom” often times proves that the bottom was actually reached much farther back in time than when we think it has. Only time tells this for sure.

Some think the recession will deepen into a depression, and the ensuing availability of thousands of repossessed properties from those who lose their employment will force down prices even further. While this is a possibility, we have to ask ourselves whether a government who has already invested billions of our tax dollars into the banking system, and has introduced revolutionary schemes to help those whose homes are at risk, are prepared to let this happen. Our opinion is, they are not.

Buying and selling a home in this real estate market is not for the faint of heart!

In today’s fluctuating financial climate, there are many areas that one needs to examine before they buy or sell a home.

For instance, if you’re thinking of buying a foreclosed house, you must ask not only the price, but about the financing that is offered, and what shape the property is in. Often, but not always, the most recent owner has left the home in disrepair. But it is a reality and you must make an intelligent decision as to whether or not the home is worth fixing up. Foreclosed homes can be a bargain or a burden; look at lots of properties and consider getting your own appraisal before deciding to buy.

Be aware of supply and demand whether buying or selling a home. Right now, the supply is much higher than the demand. Buyers are waiting to see if housing prices and interest rates have bottomed out. If you wish to sell your home, you must make decisions about what you have to offer as compared to other homes in your area. Creativity as well as price is the guiding force here as other sellers may be willing to hold a mortgage, pay closing costs, or include upgrades.

Buying and selling a home in this real estate market is tough, to say the least. Learning as much as you possibly can about the process is imperative. Make sure you know the pros and cons of any decision you make about buying or selling. Talk to us for advice and suggestions on your specific buying or selling needs.