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 #1 Time - It's impossible to time the bottom however you can pick a great house now. Let's face it: It may be that the house you buy today may be worth less next year and that could start you thinking about trying to time the bottom of the market. Please resist. That is extremely hard to do and this is the best Buyers have had it in two decades with inventories up and mortgage rates low. Find the perfect place and drive a hard bargain. Remember if you're trading up your home could sit on the market so sell before you buy.
 #2 Mortgage Rates - Homes are plentiful and will likely remain so but financing may get more expensive. The Federal Reserve has slashed interest rates but fixed mortgages don't directly follow the Federal Reserve they just reflect the bond market's expectations about inflation which remains a concern.
 #3 Jumbo Mortgage Rates-There is a new law that allows Freddie Mac and Fannie Mae to buy loans as large as $729,750 in 71 higher priced areas. These loans average 6.6% but you will need to shop around. Rates are changing frequently so stay in touch with your Realtor!
 #4 Buy Best Schools - Foreclosures can be great deals financially but when you buy a house you are also buying the neighborhood and schools. Some foreclosures are located in areas that have lost their stability which means that both prices and the quality of life could decline. Go for areas with highly rated schools that typically fare better in a downturn. Parents will always want the best for their children.
 #5 Pick the right Realtor-One who has your interests at heart and be sure to sign a Buyers Representation agreement. This allows your Agent to work for you not the Seller. Establish a good rapport with your Realtor and cultivate a working relationship built on mutual trust and respect. A good Realtor has a wealth of information and is ready, willing and able to assist you with all your real estate needs.
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