The old adage that “timing is everything” especially applies to 
buying a new home.  And trying to be at the right house at the 
right time and get it for the right price can be tricky.  Here 
are some guidelines to assist you:

· Turn to the real estate section of your Sunday newspaper. 
  Monitor the market and tract home prices. Expect to spend 90 
  days watching the real estate market through advertisements. 
  Question and investigate homes that are advertised month after 
  month.  Hard-to-sell properties could either be a warning sign 
  or simply overpriced for the value.

· When a real estate agent provides you with descriptions of 
  homes currently on the market from the Multiple Listing 
  Service (MLS), ask for a list of homes that were on the 
  market within the last six months or year in the same 
  neighborhood.  Compare asking prices to actual sales prices 
  for the same type homes.

· In addition to monitoring housing prices, learn to identify 
  hot, up-and-coming neighborhoods by tracking selling prices 
  from week to week.  If one neighborhood experiences price 
  booms while other house prices are sluggish, its’ clear which 
  community to invest in.  If you’re passionate about an upscale 
  area – and on a budget – prepare to buy a fixer-upper and 
  invest some money in renovation.  Conversely, beware of buying 
  a beautiful home in a marginal area.  You may not get your 
  money back when you sell.

· Keep close watch on the fluctuating mortgage interest rates. 
  Low interest rates are the most inspiring reason to buy 
  property.  Watch the rate of United States Treasury Bills.  
  According to Sonny Block, well-known talk show hose and real 
  estate author. T-bills are a sure way of predicting the rise 
  and fall of mortgage rates.

· Also watch the national Discount Rate, the rate at which banks 
  can borrow money from the government.  When the Discount Rate 
  drops, banks pay less for borrowing the money and in turn 
  reduce mortgage rates to the borrower.

Predicting when a market is ripe for home buying is not an exact 
science – even for real estate experts.  However, by following 
these simple tips – and staying on top of real estate trends, 
sales patterns and interest fluctuations, you are sure to get 
the best house for your buck.