| The old adage that "timing is everything" especially | | | | to invest in. If you're passionate about an upscale |
| applies to buying a new home. And trying to be at | | | | area - and on a budget - prepare to buy a |
| the right house at the right time and get it for the | | | | fixer-upper and invest some money in renovation. |
| right price can be tricky. Here are some guidelines to | | | | Conversely, beware of buying a beautiful home in a |
| assist you: | | | | marginal area. You may not get your money back |
| - Turn to the real estate section of your Sunday | | | | when you sell. |
| newspaper. Monitor the market and tract home | | | | - Keep close watch on the fluctuating mortgage |
| prices. Expect to spend 90 days watching the real | | | | interest rates. Low interest rates are the most |
| estate market through advertisements. Question and | | | | inspiring reason to buy property. Watch the rate of |
| investigate homes that are advertised month after | | | | United States Treasury Bills. According to Sonny |
| month. Hard-to-sell properties could either be a | | | | Block, well-known talk show hose and real estate |
| warning sign or simply overpriced for the value. | | | | author. T-bills are a sure way of predicting the rise |
| - When a real estate agent provides you with | | | | and fall of mortgage rates. |
| descriptions of homes currently on the market from | | | | - Also watch the national Discount Rate, the rate at |
| the Multiple Listing Service (MLS), ask for a list of | | | | which banks can borrow money from the |
| homes that were on the market within the last six | | | | government. When the Discount Rate drops, banks |
| months or year in the same neighborhood. Compare | | | | pay less for borrowing the money and in turn reduce |
| asking prices to actual sales prices for the same type | | | | mortgage rates to the borrower. |
| homes. | | | | Predicting when a market is ripe for home buying is |
| - In addition to monitoring housing prices, learn to | | | | not an exact science - even for real estate experts. |
| identify hot, up-and-coming neighborhoods by | | | | However, by following these simple tips - and staying |
| tracking selling prices from week to week. If one | | | | on top of real estate trends, sales patterns and |
| neighborhood experiences price booms while other | | | | interest fluctuations, you are sure to get the best |
| house prices are sluggish, its' clear which community | | | | house for your buck. |