It's a buyers market

With the constant barrage of negative media surrounding real estate these days, it’s no wonder that newlyweds and other first-time home buyers are putting their dreams of buying their first home on hold. But 2008 promises to be as good a time as any to buy your first home and here’s why:

It’s a buyer’s market!
With foreclosures adding houses to a market already hungry for buyers and economists predicting that residential housing sales and prices will not pick up until 2009, sellers who need to sell are lowering prices and often throwing in additional incentives.
Perfect timing is rarely achieved
Although you should educate yourself and use caution when buying into a declining market, a buyer waiting for prices to hit absolute bottom, usually waits too long and then pays the cost of buying into a rising market with increased home prices. If you’re planning on staying put for a while, now is a great time to buy your first home because the market will eventually balance itself and turn once again to a seller’s market and when it does, your home’s value will increase too.
Interest rates are low
Recent Federal Reserve decisions have lowered interest rates yet again making the Federal funds rate drop to 2.25% (down from 5.25% a year ago) and the prime rate drop to 5.25%. And today a Bankrate.com index showed that the national overnight average for a 30-year, fixed-rate mortgage is being offered at 5.74% and a 15-year fixed at 5.09%, both of which are buyer-friendly rates.
Labor and materials are readily available
Even if you don’t qualify for enough financing to buy the home of your dreams due to tightening lending practices, it’s easier than ever to fix-up and maintain properties with the number of home improvement stores, tips, do it yourself classes and handymen readily available. And because new construction has slowed down in most markets and all trades that depend on it are eager for employment, buyers are likely to get better work, done faster and maybe a little cheaper in 2008 than at anytime in the future.
A need to sell makes sellers flexible
Remember, sellers who don’t need to sell right now generally don’t have their properties for sale. And those who do need to sell tend to be more flexible in negotiations, so buyers should consider proposing terms that ask sellers to help make the deal work beyond just lowering their price. Sellers may have the ability to finance part of the purchase price to make it easier on the buyer, they may be able to fix or replace something that needs updating, and they can always pay more than the customary share of closing costs and taxes.

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10 tips from the experts, Here is what experts advise to speed up your sale:

Finish the "honey do" list. Just about every homeowner has a string of little repairs that never quite get done. Now's the time. Fix the screens, oil that squeak, patch the cracks, paint the trim. Stuff that you've long since stopped noticing could be shouting "Deferred maintenance!" to every potential buyer.
The cost: A few bucks if you're handy, a couple of hundred or so if you hire someone who is.

Get inspected. A pre-sale inspection can help in two ways, says real-estate columnist Tom Kelly. Professional inspections can identify problems that could thwart a sale in time to fix them. And if there are no major problems, he said, an inspection can publicize that fact to skittish buyers.
"Having an inspection (report) right on the counter during the open house… shows the buyers that the seller's got nothing to hide," said Kelly, author of several real-estate books, including "Cashing in on a Second Home in Mexico."
The cost: Around $400.

Pack up the clutter. "Clutter eats equity," said real-estate broker Barb Schwarz, CEO of StagedHomes.com and a pioneer of the concept of professionally preparing houses for sale.
Too much stuff makes rooms look smaller and focuses buyers' attention on your possessions rather than the home you're trying to sell. That's why many professional stagers recommend removing as much as a third of your things to better show off rooms and closets.
"Since you're going to have to pack it up anyway, do it now," advised Schwarz, who said she has staged more than 5,000 homes. Buyers "can't imagine themselves living there if they can't see the space."
The cost: $150 to $300 a month for three months' storage.

Depersonalize and neutralize. The first items that should go in those packing boxes: family photos, collections and just about anything else that says "you." Streamline your artwork and consider toning down bold decorating statements, said Ilyce Glink, author of "50 Simple Steps You Can Take to Sell Your Home Faster and for More Money in Any Market." That means neutral shades if you need to repaint walls or replace carpets.
"Buyers have a hard enough time envisioning how their stuff will look on your walls," Glink said. "By neutralizing your decor, you can help give them the blank canvas they need to imagine your house as theirs."
The cost: $10 and up for paint; $500 and up for new carpet.

Clean like a fiend. "I mean Q-Tip clean," said Schwarz, who recommends taking a cotton swab to faucets and fixtures, scouring fingerprints from all the switch plates, shining windows until they're spotless and vacuuming up every last dog hair from the baseboards. "You should be able to eat off the kitchen floor, the bathroom floor."
You'll need to banish suspect smells as well; you don't want your house to become known in real-estate circles as "the cat pee place." If your pets have had one too many accidents, you may need to replace the affected carpet and padding and have the underlying floor sealed. If you're not sure how your place smells, get your least tactful friend to take a few whiffs and tell you the honest truth.
The cost: $10 or so in home cleaning products, if you do it yourself; $75 and up if you hire help.

Stage the rooms. Stand in the doorway to find each room's focal point, and use furniture placement to highlight that. The back of your sofa shouldn't block the view of the fireplace, for example, and the dining room table shouldn't be sharing space with a stair climber.
You should remove any extraneous pieces of furniture, but you may be able to "repurpose" them in another room. A wingback chair that's crowding the family room might help create a nice reading nook in the master bedroom, Schwarz suggested.
The cost: Nothing, if you do it yourself; $1,500 and up if you hire a professional stager.

Tend to the floors. Keeping them spotless won't help if they're dated, worn or impossibly stained. You shouldn't spend a fortune installing hardwood or tile, though, since you're unlikely to recoup the cost. Look for compromises that can improve the home's appearance without busting your wallet. If the damage to a tile floor is limited, for instance, replacing a few tiles and regrouting might do the trick, according to home-improvement expert Joseph Celli, author of "First Aid for Home Sellers." (Available through his Web site.) If it's extensive, he recommends replacing the floor with high-quality vinyl as a more cost-effective option.
Carpets should be steam-cleaned to see if they're salvageable, Celli said. If not, you may be able to reduce the costs of replacement by offering to do some of the work, such as removing the old carpet and moving furniture.
And banish scatter rugs, Schwarz advised. Little rugs add to the visual clutter and can be dangerous besides.
The cost: Anywhere from a few bucks to a few hundred bucks.

Kick up the curb appeal. By now, you probably realize the garden gnomes are a no-no. But you may not realize how many sales you're losing before potential buyers even get to the front door.
"Most people will start their search for a home on the Internet. If your house's Internet photo doesn't 'wow!' them, they might never call for a showing," Glink said. "That's why your front landscaping needs to be in perfect condition."
Given the pressure to make a good first impression, you'll need to do more than trim back the hedges and plant a few pansies.
"Hire a professional landscaper to clean up the leaves, plant some fall flowers, trim the bushes and trees, and really manicure your lawn," Glink suggested. "If your front walkway is cracked, now might be the time to replace it."
The cost: $300 to $500 for the landscaping, more if you need to fix walkways or driveways.

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Preferred format:HTMLPlain TextLearn more about newslettersPick the right publicist. If you're working with an agent, you'll want one who can really sell. That means somebody who knows your neighborhood intimately and who's enthusiastic about your home. That also means someone other agents want to work with; someone who's too abrasive or who isn't trustworthy won't help your cause.
If you're going to try to sell your home yourself, make sure you're up for the job. Hawking a home, especially in a slowing market, can be hard work.
The cost: 3% to 6% of the sale price of your home.

Set the right price. In frenzied markets, sellers who put outrageous price tags on their homes sometimes are rewarded. As markets cool, however, a too-high asking price can lead to a home being shunned by agents and buyers. A seller may think she's just testing the market, assuming buyers will at least make an offer, but buyers may assume she's unreasonable and move on.
Your goal should be a fair price -- something that's reasonable given the price of other homes in your area.
"Buyers who are actively searching for a fairly-priced home," Glink said, "will pounce on what they perceive is fair value."