Yes, there are opportunities in the current market, but they are still pretty rare and require a buyer to be very flexible. If I had to put a figure on it, I’d say that roughly 1 out of every 50 listed homes represented a better value than what we’ve seen in the past. A great deal? Something on the order of 1 out of hundreds. Don’t make the mistake of thinking that every house on the market right now represents a good deal, it just isn’t the case.

I still can’t say that this is a good time to buy.  There’s still a lot of air in the asking prices and real home values are probably going to drop at least another ten percent before we hit bottom.

Still, it’s probably a better time to buy than any time in the last five years. If you have to buy, like I do, you have to be smart about it. There are deals to be had if you look for them.

For those set on buying? The same four or five things, every time.

Just like you will not pay yesterday’s price today, a seller will not sell for tomorrows price today. If you want a deal, you’ll find it accompanying distress.

You’ll never find a bargain if you are set on one single property. If you absolutely must own 831 Pretentious Boulevard, Haughtyville NJ, you can pay asking to do so. If you want a bargain, you’ll need to have an open mind and disregard those things others won’t. Boomerang formica, velvet flocked wallpaper and green carpet? Money in the bank.

Given the property, the numbers need to make sense, period. They either do, or they don’t, there is no gray here.

Time horizon needs to be long enough to ride out the market. 5 years? Too short. I don’t want to hear anything less than 7. A ten year horizon starts to sound sensible.

If you buy, tune out of real estate completely, don’t track the market, ignore the news. The market will get worse, and you’ll tear yourself apart for not waiting.