Top 10 Real Estate Trends

1. Foreclosures are at record highs. Many estimates put the amount of homes in foreclosure by the end of the year at 2 million. What does this mean? If your credit is good and you have some money set aside, now is an excellent time to buy.

2. Home prices keep falling. How fast they are falling depends on your area. In some higher demand markets, prices have continued to climb, albeit at a slower pace. Despite the national decline in prices, however, several markets are actually experiencing a comeback.

3. It's not as easy to get a mortgage loan as it once was. This isn't necessarily a bad thing. Loose lending practices in the past were a big contributor to the downfall of such companies as Countrywide, Freddie Mac and Fannie Mae. Many people were approved for mortgages they just couldn't afford. Now, you will not be able to "live outside your means" to own a home.

4. Say bye-bye to bad real estate agents. Since homes used to practically sell themselves, every Tom, Dick and Harry became a weekend agent. Now, people are picky about what they get for that 6% commission they have to shell out. This means that the cream will rise to the top, leaving only the best Realtors to pick from.

5. Historically low mortgage rates. Unlike the double digit interest rates experienced before the 1990s, the 30-year fixed rate mortgages are at a historically low 5.93% right now.

6. Urban markets are on the rise. With rising gas prices and long commute times, many people are leaving suburbia for homes closer to their workplace. Even though the price/foot is traditionally lower in a suburban home, people have flocked to downtown areas, creating a rise in demand for urban housing.

7. Just because it's bigger, doesn't mean it's better. More and more homebuyers are looking at downsizing their homes to ease their costs on property taxes, maintenance and utilities.

8. Green is the word. Since more and more buyers are looking for eco-friendly homes that utilize Energy-Star appliances, tankless water heaters and radiant floor heating, stressing these attributes when trying to sell your home will help you stand out in a competitive real estate market.

9. Use of technology and social networking have dramatically changed the real estate landscape. With online listings, home valuations and other helpful information on homes easily available on the internet, real estate agents are finding that they have to rethink how they market themselves and their listings.

10. Flipping is out. With the large inventory of homes on hand and prices on the decline, many people are now buying up the bargains and holding onto them instead of flipping them quickly for profit. Any good real estate investor knows that a down market is the best time to buy.