Buying a house is probably the biggest investment you'll ever make. Currently, the housing market is in a slump and the Fed has lowered interest rates to making lending easier. What does this mean to you? Buyer's market.
Right now, people will compromise a lot to try to sell their house. I found this the case when I bought my house. The seller was a company that was trying to flip the house. The longer they owned it, the less money they made. So the owners were eager to get the deal done. They paid for all the closing costs, payed for someone I chose to spray for termites, and knocked a thousand dollars off the price of the house. The deal was more than fair, but I'm sure I could have gotten more if I held out a little longer.
The key is to shop around. Find an area whose property values traditionally rise. The property values in the city that I chose rise an average of 7% a year. This is a good time to buy housing in traditionally expensive markets because there will be a lot of deals to be had. Also, avoid buying the most expensive house on the block. They don't gain in value as fast as the other houses on the block. You can find estimates on real estate prices on sites such as this one.
Take your time in choosing your house because it is a long term investment.
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