In many ways today's Real Estate market conditions are favorable for 1^st time home buyers.  Below I have listed a few reasons 1^st time home buyers should consider making the jump to home ownership:

(1) More Choices- According to the National Association of Realtors current inventory levels of homes for sale are at 10 months in most markets, the normal inventory levels are 4 to 5 months.  This means more of a selection for home buyers.  Many sellers are getting frustrated with longer market times and should be much more willing to negotiate.  Plus with higher inventories, it means more competition for the seller.      

(2)Financing at historic low rates- Although we have noticed interest rates starting to inch up, they are still at historically low levels.  Interest rates obviously control our purchase power.  The lower the rate is the more that a potential buyer can afford. 

(3) They don't have to sell an existing home- Again this means more negotiating power for the first time home buyers.  Sellers have run up against interested buyers that need to sell a home to purchase the sellers property.  Sellers are going to be much more willing to negotiate with an individual that is ready to purchase and does not need a contingency on the sale of there existing home.

(4)Vacancy rates down- According to NAR most recent Commercial Real Estate Outlook report, vacancy rates are down from last year and average rent is to rise 5.3% in 2008.  This is after an average Rent increase of 3.1 % in 2007.