Home Prices Are Low. Should You Buy Now?

Millions of people throughout the U.S. want to buy a home. It's one of your top priorities but you just aren't sure if now is the right time to buy. You could purchase a reduced-priced home now, or continue waiting to see if prices dip any further.

Or, you might own a home and are ready to invest in another property such as apartments, a condominium or vacation properties. However, the same questions that potential home buyers are asking themselves are also running through your mind: "Should you buy now, or keep on waiting"?

The answer to this question differs by region and circumstance. Some states were more affected than others in housing market debacle. Short sales and foreclosed-upon properties may be more prevalent in different areas, presenting different buying opportunities to different buyers.

In general, if you can afford to buy, it is a smart idea to invest in a home. The National Association of REALTORS® is in the midst of a campaign that explains the importance of home ownership on our nation's economy and individual finances.

Obviously you should do your research and find that perfect home that fits your living needs and your budget. Also, lending policies have become more stringent in recent years so you must qualify before you can do anything. Finally, make sure to contact your REALTOR® to let him or her know that you are hoping to buy.

The market has been down long enough for prices to reach rock bottom in many areas, so this might be the lowest they will go. Waiting around for a better price could easily backfire at this time, so better to buy now rather than later. Even if prices go lower after you buy, the difference probably won't be too substantial.

Remember, a home is an investment. Purchasing a home helps fuel the economy while helping you build wealth over the course of ownership.

Read the original press release.