While current market conditions most certainly present challenges to potential home buyers, I still believe there 
has never been a better time to buy a home. This week on CBS MoneyWatch I blogged about the 5 New Rules of Real Estate. Understanding these changes in the real estate market is essential to successfully navigating the changing real estate world.
Some of the biggest changes include:
- No more big housing price jumps. If you want to buy a house, you have to have enough income to support the mortgage.
- Lenders will not approve you without a really good credit score. They only want you if you don't really need them.
- Foreclosures are not necessarily the best deals. In neighborhoods full of REOs, you may be able to find a property that is not in foreclosure at very competitive prices.
There is no reason you should not buy a home now and take advantage of super low prices and historically low mortgage rates. Just be sure you understand how the game has changed before you jump in head first.
To read all the new rules and about why buying now is like “borrowing for free,” read the full post on CBS MoneyWatch here.
Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.
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