Holly McLean

I recall learning during my extensive studies of real estate market in the U.S. that prices have not undergone a price correction like the one we recently experienced since the great depression. I also recall reading that the market took a full ten years to recover to the prices prior to the great depression. Well, with most of the price declines behind us, the economy on the rebound, and interest rates remaining around 5%, I can't see a better opportunity for homebuyers.

Also, first-time buyers and long term owners (five years) looking to move up can take advantage of tax credits, as long as they plan to stay to stay in the owner occupied residence for at least three years. Please consult your tax advisor to see if you qualify for the tax credit. Although, the future is unknown to any of us, Real Estate price will rise again.

The name of the game right now is affordability. Buying a home to live in for the long-term to take advantage of the income tax advantages and ample bargain opportunities in the marketplace, such as short sales and bank -owned properties that are correctly priced.

I don't believe the prices of homes can substantially appreciate until unemployment goes down to levels prior to the global economic crisis. (generally around 5%) That is why, in my opinion, I believe buyers should plan on taking a very long term approach to investing right now. Historically, high unemployment has always been a drag on real estate prices.