The National Association of Realtors (NAR) reports that the median price of a single family home has fallen to $198,700. Real estate professionals estimate that there is approximately a 10 month supply of homes on the market. Lower home prices and a glut of available homes suggest a buyer’s market in many areas. This can provide homebuyers with more negotiating power.

Lower home prices can also assist first-time buyers in qualifying for mortgage loans. Although some experts believe home prices will continue to decrease, there is no way to verify this. First-time buyers who are ready to buy a home may qualify to buy homes they could not have bought a year ago.

Tags: buy or rent?, existing home sales, housing market, housing prices, mortgage, mortgage rates, mortgages

This entry was posted on Monday, February 25th, 2008 at 11:07 am and is filed under Daily Pick. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.