Five Tips to Help You Buy The Right House

There's no better time than now to buy a home. No one really knows if the real estate market has hit bottom, but one thing is for sure- home prices are a lot lower now than in 2005. Real estate has returned to being a long-term investment- gone are the days when you can buy a home and resell it quickly for a profit. Most people are buying homes to live in, not to get rich, and you can use these tips to help you find a home that will allow you to create lasting memories.

1. Adjust your expectations. We all want to find a deeply discounted price on a dream home, but that really rarely happens. As any house flipper can tell you, finding those too-good-to-be-true deals takes a lot of investigation and legwork. Today's real estate market is very efficient, so most properties are selling for pretty close to their true value.

2. Be ready. You shouldn't go into the house hunt unprepared. If a great deal comes up and you haven't been preapproved for a mortgage, you will lose out to a buyer that is. If everything else is equal, the seller will work with the person that has guaranteed financing. Either get mortgage approval, or be prepared with proof of funds.

3. Choose a good realtor. The process of buying a home will be a lot easier if you work with a realtor that's licensed and experienced. However, a hardworking new agent can be an asset as well.

4. Familiarize yourself with the market. When a good home comes onto the market at a great price, you won't recognize it unless you know the market. Talk to your realtor, set forth a budget, and choose areas and neighborhoods to concentrate on. Take a look at homes for sale in those areas, as welll as recently-sold homes to get an understanding of the market, and to recognize a good deal when you see one.

5. Act quickly. Just because you read that the market is in bad shape doesn't mean that you should delay in looking at new listings. When something new comes onto the market, look at it as soon as you can. Work under the assumption that the seller has overpriced their home, but some price it right from the beginning.

Finding a new home can be hard, but it doesn't have to be. If you follow these five tips, you stand a much better chance of finding the home you want at a price you can afford.