In today's real estate market, there are many opportunities to buy a home cheap. Some times are better than others for getting a good price. Fall and winter, is normally the traditional “off season” for real estate, this can be the best time to buy. Home buyers with children normally begin their search for a home in spring, and their goal is to be closed by summer and move into their new home, just in time for their kids to begin school. Sales normally decline until late January to mid February and pick back up from there.
Most agents suggest their clients to buy in the off season, since there are fewer buyers competing; there is a much better chance they will land a great deal.
Make sure your job is secure and evaluate your credit rating-Banks and lenders have raised lending standards for borrowers due to the default rate on home loans. On average, a home buyer would need a FICO score of about 620 or higher to get the best mortgage rate.
Prepare and Plan for your down payment-Home buyers will typically need around 3.5% down payment to get into a home.
Don't forget to look at foreclosures-The abundance of foreclosures means there are many bargains on the market for home buyers.
Keep an eye on Federal incentives For example, the first time home buyers tax credit, which gave new homeowners an $8,000 credit on their income taxes.