If this sounds like you, here are a few things to keep in mind.

1. You can’t time the bottom. Realize the property you might buy today may continue to go down. Focus on finding the perfect investment and start with a bid of at least 10% below asking. Remember the price is the seller’s first offer.

2. Have your financing in place before you buy. Mortgage rates are low right now and are expected to go up, that is, if you can get a mortgage in this market. Look to private financing as a tool.

3. Buy in areas with good schools. When the market was hot, the areas with good school systems were selling at top dollar. Chances are when the market rebounds, those same areas will be the first to rise, so if you are in the market, focus on the best areas you can afford.

4. If you work with a Realtor, make sure they have your best interest at heart. Remember, in most cases, real estate agents are paid by the seller. You want to make sure the agent working with you takes care of you, too.

Happy Hunting!

This entry was posted on Wednesday, August 27th, 2008 at 6:00 am and is filed under Investing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.