The Fed has dropped the rate at which banks borrow money. What that means to you the consumer, is that mortgage rates will follow.  The nagging question of when is the right time is more a matter of personal choice.  Real Estates Markets are local.  What we saw happen in Florida for example took awhile to migrate westward.  So what is happening?

  A quick look at the Market suggests that foreclosure may not be the best way to go.  Often, the outstanding loan amount has pushed the asking prices( or defaulted loan amounts) too high. Many are in need of repairs.  In addition, other liens may need to be satisfied against the property before a clear title can be issued. Third party approval, can take longer than an owner/seller decision.

 Be aware of market value in your area.  Some homes remain overpriced, they take longer to achieve a sale. With so many homes on the market, a little research will be very helpful in determining what a fair market value is for a home you want.  This can be determined by having your REALTOR® see what has sold recently and at what price.  Comparing apples to apples.

  Prices have come down.  As a result there are many competitively priced homes available. While not all will have door mats telling you so, the well priced homes will sell faster than their overpriced counterparts.  

Buyers need to be prepared to move fast on a well priced home.  Homes currently under $250,000 in Central Florida for example, have seen a marked response from buyers.   This renewed interest is generating sales. Often buyers delay making an offer only to discover, someone else has  and the home is no longer available. 

1. Know your credit score
2. Meet with a finance specialist and determine how much house you can afford
3. Have your financial records ready and available (W-2's Pay-stub and bank statements)
4. Have cash in hand for down payment and closing costs
5. Define what type of home you need and what you want
6. Consult a Local a local REALTOR®  They are Area Experts.

 Begin the search.  There ARE some great deals out there. 

1. Determine the Area You want to live in
2. Have your Pre-Approval Letter in Hand
3. Search for a Realtor you feel comfortable with.
4. Preview homes which match your criteria.

  When you find the one you want- Do NOT delay in making an offer.  Remember, there are other people out looking at the house you want too.

  While it is true that Asking Prices are not carved in Stone, making a realistic offer enhances your chances of getting the home you want.  If the home has been reduced recently, the possibility is the asking price has already had most of the fat or wiggle room cut out of it.

Determine what the house is worth to you.  While negotiating is a factor, most properties will sell for 97% of asking price. 

    Get Expert Advice- from someone who really knows the scoop!