Although the news and print media continue to paint a gloomy picture for home sellers, there couldn't be a better opportunity to be a home buyer, especially if you are a first time home buyer, a person looking to move up to a larger home or a real estate investor. Yes, in all of these cases the lending criteria is tighter, but opportunities abound with lower home prices, large inventories and historically low interest rates. As a first time home buyer, you benefit from not having a home to sell. As a person looking to move up, you may have a home to sell at a lesser value than what it was worth a year or two ago, but you also have the ability to buy a bigger home at a lesser value than what it was worth a year or two ago, as well. A 10 percent reduced value of your current home can equate to a 10 percent savings on a bigger home, allowing you to actually realize an overall gain for the long term. If you are a real estate investor, opportunity is occuring from the bad luck or poor planning of others.
Bottom line - if you are thinking of buying - get after it! - your real estate agent can help you find great values right now. The pendelum will swing eventually and usually it occurs sooner than you think.