Rick

The relief package is intended to help home owners avoid foreclosure...IF they get helped, their houses WON'T be on the market & thus their great deal (to buyers) will be gone. There are some great 1st time home buyer programs available...do your research on that. Unfortunately, there are some responders in this venue that tend to be sarcastic & have no positive suggestions just sheer opinionated verbiage....look beyond those. You're aware that prices for real estate are lower than they've been for YEARS....if you intend to live in your house several years vs flip then now IS a great time to buy (& that's relative too.)...There are good deals & poor deals in ANY market....get familiar with where you want to live.
Do your homework, have available counsel (knowledgeable realtors, investors, mortgage brokers etc) & then YOU decide, YOU get to live with the decision....Happy house buying.Enjoy - Sat Aug 2 2008, 13:35

Congrats on making the decision to buy your first home. Research 1st time home buyer loan programs. In Oregon there's one that actually GIVES the buyer 20% of the sales price as a downpayment NO INTEREST & you don't pay it back until you sell the property. Now is a good time to buy propert. There are alot of markets that have "dipped" considerably.....in ANY case it's better to own than to rent. Some mortgage brokers even have 1st time home buyer "classes". Also, "shop around" for a good realtor who is willing to show you properties in the areas you want to live & become familiar with the trends & what's out there. ALSO, even searching on your own in websites like Trulia & Craigslist & MLS for "owner will carry contract" as options for easier financing. Remember, LOCATION LOCATION LOCATION. get a house in a desireable neighborhood & it'll generally be easier to sell when the time comes (hopefully) Bottom line: for all the folks who are watching & waiting...that's fine, but if you're still paying rent you're paying the landlord's mortgage payments (& I'm SURE they're very happy you are doing that) Owning your own home is a step in the right direction for building equity, good credit & pride of ownership. Happy learning & searching....it's well worth it. GO FOR IT ! ! - Thu Jul 31 2008, 22:41

RESPONSE TO JUST LOOKING IN USA.
How do I know there's a $100K in equity? Well, there's a $100K mortgage. Had it for 10 years When I bought it, it was 700 sq ft & now it 1800 sq ft & comps are selling @ $240K....so, more specifically, there's MORE than $100K I was just generalizing. By the way, my 1800 sq ft house has top of the line upgrades granite counters, recessed lights thruoughout, new carpeting, new roof , new windows wrap around deck & hot tub & sauna, new appliances & great curb appeal....It's a great house period. - Thu Jul 31 2008, 22:24

I'm selling my house in Oregon and here's what I'm learning: Realtors will tell you that PRICE (is a MAJOR factor) determines how long it's on the market. True, drop the price enough and ANY house will sell quickly. MARKETING is really serious the realtor's area of expertise or NOT. Are you using a realtor?
I've learned to be VERY PROACTIVE and ask realtors specifically How long are YOUR listings on the market? How many houses have you sold in the last 6 months, last 12 months & get a specific breakdown. What is the comparison on the listed price to the sale price on EACH of their sales....AND how long have they been selling real estate....Statistics can be manipulated but hopefully when they put it in WRITING what they've done they'll be honest. I've learned the hard way, too, that just pay for a home inspection B4 a buyer submits an offer (vs letting THEM pay for it themselves) & get any problem areas fixed b4 there's a pending sale. Also you might check with your state's Realtor Licensing Board & ask if you can get specific stats re: specific agents.....good luck selling. - Sat Jul 26 2008, 11:50