Well today I'm going to write about something that has been getting a lot of attention in the blogs, forums and the dinner tables.  There has been a lot of recent debate recently about National Association of Realtors campaign "It's A Great Time To Buy Real Estate".  Well in my personal opinion, I believe they are right.  I believe right now is an excellent time for a first time homebuyer to buy a home.  Arrghh, What was that you might be asking.  Well I didn't write that but honestly I really believe in that.  Based on my local data and statistics of Long Island, NY home prices, we have seen a decrease in prices of homes and we have seen houses with more days on market; which has resulted in overpriced listings coming back to reality with what the buyers or real estate market is requesting.  Prices are based on factors such as similar active competing listings and recent sales pending and home sales.  Right now there has also been an excellent inventory of houses for your average first time homebuyer to choose from. 

For the last couple of years it would have been really hard to purchase a home at these kind of prices and terms.  If you have been studying the local real estate market carefully as I have been, you will see that there has been a lot of houses that you can find that are below market value.  There is an inventory of bank owned properties, short sale properties, pre-foreclosures properties, motivated sellers, and sellers just wanting to sell at a reasonable price.  In addition to that; interest rates are low, real estate has usually been a good long term investment, an FHA backed loan allows you to buy a home with a 3% down payment at a low fixed interest rate. 

Well as a buyers representative, I recommend you also hire someone that will also work in your best interest and finding you the best deals on the market, preferably me, and that will also negotiate in your best interest.   Real Estate is a long term investment and I don't recommend buying on hype or media frenzy.  If you compare and do a realistic analysis of the benefits of renting to buying and feel that you can afford a house for the long term then I think you shouldn't miss out on this opportunity to buy a home.  If you choose to believe the hype on the blogs, forums and the dinner tables you might miss out on an excellent opportunity to even see what homes this market has on inventory.  I wish all the best of luck and respect everyone's opinion, comments, and feedback.  As a Realtor, I don't have a crystal ball that can predict the future or the house prices of our region but I can only recommend that you stick to a smart financial plan.