First Time Home Buyer-

Is this a good time to buy a home for the first time home buyer?

Of course it is, Real Estate Journal states home sales were down in 2006. Does that sound bad for a first time home buyer? Not, so...the best deals to purchase are found when the home sales are slower and it's a "buyer's market". Home prices are to take their biggest decline since 1990 in 2008. Existing home sales for 2007 plunged a total of 12.8%, leading the group to forecast a drop of about 4.8% this year alone. The groups forecast an even greater weakness in new home sales in the year ahead, with a 4.3% drop in median prices and a 17.7% plunge in the number of sales. The rule of thumb for purchasing a home is to take your annual income before taxes and multiply it by 2.5. The problem is the affordability in today's high median prices for homes. In 06-07 the average price for a condo was about $289,000 in the US. But thanks for today's rapidly decreasing prices, homes are becoming more affordable everyday.

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