You'd like to buy a home, but you're waiting for the bottom of the market. That's something REALTORS® hear all too often in times like these - but on the surface it's sounds like a reasonable idea. But how do you know exactly when the bottom will happen? There is no magical formula and you won't be able to accurately identify it, so it becomes a tricky situation and really a matter of pure LUCK!

Now consider all the other buyers out there who are waiting for the same thing. What is now being created is a pent-up demand for homes. All that needs to happen is for some definitive news from a media source that we've hit the bottom, and a huge amount of activity starts, except of course for those who continue waiting, wondering if this is really the bottom or just a pause in the downward trend.

The cold hard fact is - the only real way to know that we've hit the bottom is when the prices start to go up. By then we are well into recovery - and you've missed the opportunity. Typically, our down markets are reasonably short lived. The reality is that even if prices go down a little further, you are still better off at this point.

Here's Why...

* You have more choice right now, so you can find a house that nicely suits your needs that in a normal market would sell immediately. Perhaps even before you had a chance to see it.

* You'll have little or no competition for the house, so you're in a better position to get a better deal.

* You have less pressure to gloss over inspection problems, and the seller is more likely to accommodate you over any issues that need correction.

* Interest rates are exceedingly low right now. Your borrowing power can change drastically even with a slight increase.

* As you wait for home prices to go down interest rates could go up, so how much do you end up saving in the long run?

Residential real estate is a long-term investment. If you expect to stay 5 years or so, it's not crucial that you try to find the bottom of the market. House prices historically have always recovered, and eventually exceed the highest price they reached in the last boom market. We can remember folks saying "I'm not going to pay $160k for that 3,000 sq ft house - it's overpriced". Now several years later it's worth $500k - even in this market.

We fully believe that homebuyers are smack dab in the middle of an opportunity of a lifetime. There is an unprecedented market right now, and if you don't act, you will look back several years from now with regret. So if you want to buy, then move up to your dream home, or perhaps increase your investment portfolio. Now is a really great time to do so.