Now that 2008 and the elections are behind us, we are all trying to determine how best to deal with the challenges that now face us. As is always the case, the challenges differ for each of us and the actions that we must take differ as well. This is never truer than in real estate.

It is safe to say that everyone now agrees that we are in a buyer's market. The debate, however, is whether this is a good time to be a buyer. The answer is "it depends." It depends on the buyer's personal goals and financial readiness. There is no question that the large inventory, the drop in prices, and the low interest rates point to "yes." There are three questions each buyer must answer before even thinking about buying: 

1. How strong is my credit history?

2. Do I have sufficient cash to cover a down payment and closing costs?

3. Am I confident that my job will not be eliminated? 

A "yes" answer to the above three questions would mean that this may in fact be a very good time to buy.