There is a lot of public opinion floating around in regard to whether now is a good time to buy a home. Should buyers that are ready to buy, jump on the opportunity now, or wait until the price of homes go down even further? Or will they miss the opportunity as prices go back up?
There are a lot of ways to tackle this question but lets look a some basics.
Understand Your Finances
First it's important that you buy within your means and don't get over extended financially Remember, you don't have to buy a house for the maximum amount you can get a loan for.
Save For A Down Payment
A solid down payment will give you some equity in your home and if you can put down 20% of the purchase price you won't be wasting money on private mortgage insurance.
Create A Rainy Day Fund
Save up a nest egg. If you are unsure of your job security you should save up a "rainy day" fund. Many would suggest saving ~6 months worth of living expenses. While this can be a hard thing to do, having at least a couple months saved up that you aren't tapping into will give you something to fall back on.
Finally, be sure to ask your lender about getting a FIXED mortgage, not one that will increase their rate in the future. In short, most experts agree, now is definitely a great time to buy just be certain you can afford it.