Advertising Record Lows

A closely scrutinized and reliable industry report released this week showed that October had another record decline in home sales plummeting 18% below the same time last year. That's now 27 straight months of declining home prices, which is very bad for sellers and potentially very good for potential buyers. It's always a trade-off, isn't it?

Now, this is where the advertising comes in. Those hoping to cash in on this opportunity are calling it the 'ultimate buyer's market!' One particular ad in a guide to downtown L.A. asks, "Where will you be living when this once-in-a-lifetime buyer's market ends?"

Interest rates and home prices are indeed at record lows and to a lot of people who have been on the fence it does seem like a great time to buy, but remember that age old saying, 'buyer beware!' That is especially good advice when it all seems too good to be true.

Just because something seems like an amazing deal doesn't mean you should stretch yourself thin. These are financially difficult times for a lot of people and if you're one of them you shouldn't commit to something you can't afford in the long run. Remember, that's how this housing crisis began in the first place.

Instead of jumping at the first "great deal" you come across keep in mind that there are plenty of them out there right now. Consult with a real estate expert like an agent/broker and make sure you feel comfortable working with him/her. Be patient and do your research. Buyer beware!