If you are considering the purchase of your first home let me give you a few facts.
The following paragraphs were taken from a report by the National Association of Realtors issued on September 25, 2007. If you would like the full report, I will be happy to provide it. Just let me know.
"Existing-home sales in the Midwest fell 5.2 percent to an annual rate of 1.28 million in August, and are 10.5 percent below a year ago. The median price in the Midwest was $177,100, up 3.1 percent from August 2006."
"The national median existing-home price for all housing types was $224,500 in August, up 0.2 percent from August 2006 when the median was $224,000. The median is a typical market price where half of the homes sold for more and half sold for less." - Hardly a 'free fall' as it was recently described on a national news show.
"According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.57 percent in August, down from 6.70 percent in July; the rate was 6.52 percent in August 2006. Last week, Freddie Mac reported the 30-year fixed rate was down to 6.34 percent."
In short, in the mid-west, there are more homes on the market than a year ago but the median sales price is either steady or slightly higher.
If you are listening to the national media where you hear, "Don't buy a house now", I have one question. Am I hearing you correctly? Do you really want to wait until the price goes up before you buy?
I welcome your responses and/or questions.