The Tax Credit brought a lot of buyers out last fall and again this spring, which gave a real shot in the arm to real estate. While that heightened volume cannot be sustained, home sales and prices still remain higher than last year due to interest rates at historically low levels and the lowest home prices seen in years. A monthly survey of 54 metropolitan areas reveals that closed transactions in June were 5.6% higher and prices 3.5% higher than during June 2009.

"There's no question, the tax credit has had a significant impact on this market,

" said RE/MAX CEO Margaret Kelly."No one can predict the future, and we may still see a slight pull back, but for right now it appears that housing is holding its own, hopefully on the road to a sustainable recovery."

Step 1. Find a Local Lender You Can Talk To in Person
Local lenders understand your market and know of loan programs that might be beneficial to you. Check with Shannon Odom on any local programs that might help with closing costs or in other ways. Even though the media have pronounced the 100-percent-financing option dead, this is not always the case. Check it out for yourself and then get preapproved for a loan so you know how much house you're able to buy.

Step 2. Be Specific in the Area You Want To Live
Educate yourself. Familiarize yourself with the neighborhoods you're interested in, the taxes and school districts. This not only helps you narrow down your search when you need to move fast, but also helps you figure out potential mortgage payments. Search for homes in your desired neighborhoods.

Step 3. Find an Agent Specializing in the Area You Want to Live
This will save you time and effort. Once you've identified an agent, trust him or her to do the job. Agents who are thriving in this challenging market have proven their worth. They have the resources and skills to help you find your next home.

Step 4. Don't Shy Away From Houses That Need Some Work
Just because a house needs some paint or cosmetic fixes doesn't mean it's not a good buy. Most real estate agents have an address book full of trusted businesses they work with to help you fix up your new home. There's a HUD program known as 203(k) that enables you to fold repair money into a primary mortgage; ask a RE/MAX agent in your market about the program.

Step 5. Be Prepared To Act
Sometimes the first home you see is the right one for you. Don't discount it. Remember, good deals still go fast. Take advantage of the electronic tools your real estate agent has to offer. In many instances, real estate agents have access to better information than what you can find in a standard Internet search

 If you're like me, you're getting a little frustrated with the media's reporting on the current housing market. It's a mess, a crisis, a disaster- I've heard it all. I understand that sensationalism sells, but the real problem is that the information reporters rely upon to make these dire assumptions is often inaccurate.

The good news is that some reporters are finally figuring it out! On May 1, MarketWatch carried a story written by Chris Pummer, a respected financial reporter, who contributes to many mainstream newspapers. In his report, "Home Price Data has its Flaws," he noted that the much relied upon S&P Case-Shiller Home Price Index might be giving "imprecise readings of price changes at all levels."

Pummer also noted that most surveys don't agree and that many are flawed by their assumptions, and are using negative hyperbole when describing our current market. It has also been reported that S&P had admitted that their report may "paint an incomplete picture." Really, you think so?

On May 6 The Wall Street Journal printed a guest editorial by hedge fund manager Cyril Moulle-Berteaux entitled, "The Housing Crisis is Over." His premise was that April 2008 could very well mark the bottom of this market, but he emphasized that a bottom doesn't mean that we'll instantly return to 2005, but that "the trend is no longer getting worse."

Moulle-Bertreaux bases his conclusion on the affordability of housing today, the price versus household income. He also says the so called "experts" who say the market has another 30% to drop are making a "simplistic analysis that is appealing on the surface, but is flawed for a variety of reasons."

I have always said that the housing market is like the stock market, no one can predict an exact high or low. At the same time, I am encouraged today by reports from our Affiliates around the country that lead me to believe we are near a bottom. It could take until the end of the year to know for sure if things are turning around, but in the meantime, we could certainly use more accurate and sensible reporting on the situation.

But tell me what you think? Have we hit bottom? What's it like in your market? Post a message to my blog and let everyone know how things look from your view point.

You may have heard or read advice that suggests you should wait until next year to buy a home because prices are likely to go even lower than they are now.

That may or may not be true. But even supposing prices do decline further, will it really benefit you to delay your purchase? There are exceptional values available right now in many markets on homes and investment properties. Combine these great values with the low monthly payments provided by extremely low interest rates, and it becomes clear that there's no real advantage to waiting.

Let's explore the issue:

• No one knows what's going to happen with prices - or when. It's possible these may be the lowest prices ever, and the still-low interest rates will keep your monthly payments affordable.
• Let's say prices go down in the next year. How long do you plan to be in the home you buy now? Three years? Five years? Ten years or more? Unless you plan to sell next year, it's irrelevant whether prices go up or down in the next 12 months.
• The most important question to ask yourself is this: Do you think prices for homes in your area will go up or down during the time you plan to own the home? History suggests that in most areas, prices of homes tend to increase over time.
• What if prices go down, but interest rates go up? Even if homes are priced lower, your monthly payment may be higher for the same home, or homes in the same price range.
• If you have a home to sell before buying, everything is relative. Yes, it's possible the price of the home you want to purchase may be less next year - but if it is, the value of the home you are selling will be lower also. This means you will have less equity to use as a down payment, and thus a higher loan amount, when purchasing your next home. This could equate to a higher monthly mortgage payment.

The reality is that, in many markets, you can buy a lot of home for the money, with low monthly payments, right now.

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