Rob & Jeannie Steward

It continues to be an excellent time to purchase a home. There are many factors that work in favor of homebuyers, both those looking to make their first home purchase and those seeking to move up into a larger home.

In recent weeks, there have been many indicators pointing to an improving real estate market, so buyers should act now while conditions remain ideal.

Consider these reasons why now is a good time to buy a home:

Housing affordability remains high.This allows buyers to purchase a bigger home, or one in a better location, than they might have in the past.

The number of homes on the market has started to decrease. Yet, homebuyers still have a wide variety of homes to choose from, making it more likely they will find their dream home.

Mortgages are at historically low levels, and some buyers are even able to get 30-year fixed rates below 5 percent. Low mortgage rates also positively impact affordability and allow buyers to enjoy lower mortgage payments for the lifetime of their loan. This may be of particular interest to renters whose rent payments typically rise each year.

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Consumers are busy buying houses, according to the National Association of Realtors (NAR), which announced this week that its Pending Home Sales Index rose 6.4 percent in August to its highest level since March 2007. The uptick in pending home sales marked the seventh consecutive monthly increase, the longest in the series of the index which began in 2001.

A forward-looking indicator based on contracts signed to purchase a home, the Pending Home Sales Index in the Northeast jumped 8.2 percent from July and is 12 percent higher than August 2008.

Conditions remain ideal for purchasing a home. Freddie Mac's Primary Mortgage Market Survey showed that rates on 30-year fixed-rate mortgages are averaging less than 5 percent and nearing the all-time low set in March. In addition, first-time buyers still have a few weeks to get under contract in time to take advantage of the $8,000 buyer tax credit.

Homebuyers are more interested than ever in purchasing an energy-efficient home. With the warm weather months upon us, buyers will be looking at a home's cooling costs and energy-saving features with a more critical eye.

Get started by making some of these simple improvements to your home to help lower monthly utility bills, increase your property's overall appeal and reduce the impact on the environment:

Contact your utility company to arrange for an energy audit that will show where the home is energy inefficient.

Caulk and use weather stripping to fill air leaks around doors and windows. This will minimize the amount of air conditioning that is required to keep the house cool. It will also help keep the house warm during the winter months.

If you will be purchasing any new appliances, choose energy-efficient units that appeal to buyers because of the savings on energy costs.

For a major project like installing new windows, double-glazed windows are recommended because they help insulate the home from both hot and cold weather.

Implementing timeless home design trends can transform a house into a home, and help it appeal to a variety of buyers when it comes time to sell. Katherine Salant, a nationally syndicated columnist for The Washington Post, reveals that the most popular home design trends are those that fit the needs of all age groups. According to Salant, one such example is having both a master and second bedroom on the first floor. This arrangement allows homeowners to utilize the second bedroom in a number of ways: nursery, child's bedroom, guest bedroom, home office, etc.

Other enduring home design trends include:

Separating Your Office Space: As more people telecommute, using a hallway or a breezeway to completely separate the home office space from the home can help with work-life balance.

Cooking Here, Dining There: Make the kitchen more spacious by reducing the size of the food preparation area and expanding the dining area. Incorporate a center island table for casual dining.

Re-defining Comfort: Oversized family rooms with high ceilings are giving way to smaller, cozier rooms with low ceilings.

Viewing Television Informally: More people are choosing to watch television as they do other things like cooking, exercising or cleaning. As TV viewing becomes more of an informal activity, the less need there is for a home theater room.

Real Estate Trend Indicator - <$30K to >$500K Format

Montgomery County, MD
From: 08/01/2009 to 08/31/2009 Statistics generated on: 09/09/2009