Now is the time to buy a house in Lakewood! As of December 2, 2007, the local Multiple Listing Service advertises 315 single-family homes (115 of which are priced under $120,000), 152 two-to-three family homes, and 103 condominiums listed with real estate brokers. Choices are excellent!

It isn’t news that we are currently experiencing a buyers’ market in our area, as are the majority of communities in the US. Inventory of available houses is high, market times are longer than we experienced a few years ago, and good values are obtainable. Fixed interest rates for mortgage loans are very favorable. If you are considering a home purchase, these conditions are terrific for you.

Also, lenders are eager to work with you and they have programs that are very attractive. Homebuyers can purchase a HUD home with a $100 down payment when they use FHA financing. Also, sales allowances can be obtained with this FHA financing. These allowances can be put towards closing costs, repairs on the house, or paying down the unpaid principal balance of the mortgage. The new incentives will be offered on bids placed on or after November 15, 2007, and will expire on September 30, 2008. For more information on this program, see http://www.fha.gov, call 1-800-CALLFHA, or call a local loan officer who works with FHA financing.

First-time buyers in Lakewood may qualify for the Lakewood Home Program, which offers down payment assistance. Both First Federal of Lakewood and Key Bank administer this program and can provide details on whether or not this program may work for you.

It’s almost winter, and many buyers hold off looking for a house at this time of year. That means less competition with other buyers for available properties and better opportunity to negotiate with a seller. It also means sellers may be more motivated to negotiate post-inspection issues with you. Sellers are also more likely to offer incentives and consider helping a buyer with closing costs when market conditions are as they are now.

Even if you have a house to sell, you may want to consider taking advantage of these favorable buying conditions. You have the opportunity now to purchase your next home at a great price. When you list your house to sell, take steps to stand out from your competition. Stage your home to show well, make necessary repairs, and preview your competition so you know how to price competitively. An experienced real estate agent can help you with all of these matters. Houses in good condition, priced appropriately, are selling.

While we hear much negative information about the conditions of the real estate market in our area and across the country, consider the positive impact of these conditions for making a purchase now. Historically, real estate has been a good investment in the long-term. Nearly nine out of ten consumers believe that buying a home is a good financial decision. Maybe for you, this is the time to make that decision and start building home equity.