This is how I see it. . .This is the time to seriously consider making a purchase. The Feds are due to lower the prime interest rate on the 30th of this month to 5.25%. It will take a couple of weeks for this change to effect the bond market which will in turn lower home mortgage rates. The government is doing this to head off a major recession and stop the decline of home values. When this rate is established the price of houses will begin to increase in value once again because monthly payments will become more affordable. Already home builders in the Valley have discontinued their buyer incentive programs and have slightly raised the prices of their newly released models. I hope you see where I'm going with this. Now is the time to act. While you still have some bargaining power as a buyer, I would consider making at least a $20K offer less than list price on a certain property. I know you really like this home and that you would be happy with the purchase once you got moved in. (This was addressed to my non-committal buyer who is waiting for the prime rock bottom time to buy) You will be on your way to building equity!
Let me know what you think out there in AR world!