I was at lunch the other day with some real estate agents and lenders from around the Northern Virginia area. Unfortunately, I was the only Re/Max agent in the restaurant but I can hold my own ground with these middle aged women. Anyhow, we all got started on the topic of the current market situation. Somehow by the grace of God we all agreed that finally, it’s a buyer’s market out there. Surprisingly, no one had anything to say when the topic was brought up. Usually some smart ass will go on a rant about all his/her experiences while the rest of us realize this is our chance to ignore them and dive into our food.

So why do we think it’s a buyer’s market? For the past few years the quickly increasing prices kept many first-time home buyers out of the housing market. However, now those rising prices have started a downward spiral. With the interest rates hovering at relatively low levels, it only makes sense to become a homeowner.

Now don’t go out and try to buy a home if you don’t have a secure job and good credit. The lenders are going to be stricter with income and credit requirements. Take it from my friend at Bank of America. He said that they’re not pushing everyone away, it’s just that they have to start being realistic with who they give the loans to.

You want stats? Here they come. The U.S. median home price was $201,000 in January which is down 4.6% from last January in 2007. The home-price index for the fourth quarter was down 8.9% from a year earlier which was the biggest drop in 20 years. There is a 10-month supply of existing homes right now.

An approach that you might want to take when buying right now is K.I.S.S. This means keep it smart and simple. To sum it up, you’re investing into something big so buy cheaper. Do your research before starting your home search. You can also call me at 888-998-9455 and I’ll explain the home buying process to you and the steps you need to take fully understand everything.

Here’s an insider tip: you have all heard it before, but now more than ever, LOCATION is crucial. You want to make sure that you’re in a good school district if you want to start a family or if you want to sell your home in the future. Also compare your estimated monthly costs for the mortgage, taxes and other expenses with the cost of renting a similar place nearby. If you can rent virtually the same house for a much lower cost, the seller is asking too much.

So if you have been waiting for the right time to buy it’s right in front of your face. Do your research, contact a HomeZill agent, and we’ll take care of you.

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