San Antonio, Texas (Grassroots Newswire) July 23, 2009 – Citing historically low interest rates, a large selection of homes and motivated sellers - not to mention an $8,000 federal tax credit that can now be applied toward a down payment - many personal finance and real estate experts across the nation are saying now is the time to get serious if you’re considering buying a home.

Indeed, they believe it may be many years before another real estate market that is so favorable toward buyers comes along.  And, they add, there are many advantages to buying a home in a buyer’s market - no matter if you’re a first-time homebuyer, move-up buyer or looking to purchase a second or vacation home.

“Many consumers don’t realize that the federal government is now allowing buyers to use the $8,000 tax credit for their down payment,” said Joe Acosta of Best Homes GMAC Real Estate.  “That’s a tremendous benefit in a market that has a wide inventory of homes for sale made all the more affordable by low interest rates.  Real estate agents have the resources and the knowledge to help buyers find the right home, negotiate the right price, and provide them with information and details on the federal tax credit - which is available for just a limited time.”

Here are some timely tips from Best Homes GMAC Real Estate to help you successfully navigate the buyer’s market - while saving time and money in the process.

Take advantage of the tax credit – before it’s gone

According to the U.S. Department of Housing and Urban Development, the Federal Housing Administration (FHA) is going to permit its lenders to allow first-time home buyers to use the $8,000 tax credit as a down payment.

FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans.  This will allow eligible home buyers to access the funds immediately at the closing table.  There is one important catch, however: Qualified first-time home buyers must purchase a principal residence before December 1, 2009.

Know what you want

The fact is, Acosta notes, the average homeowner will sell their existing home within six years of buying it, so think resale before you ever set foot in a home, regardless of how long you anticipate living there.  The neighborhood, schools, transportation accessibility and special features are characteristics that will remain important when you sell your home.

Knowing what features you want in a home and neighborhood will help your real estate agent find the ones that best fit your lifestyle.  The more specific you are, the more time you’ll save during your search.

Find the right real estate agent

You’ve probably heard it said before, but it bears repeating: Buying a home is a complex, often time-consuming process.  Real estate professionals are highly skilled at navigating the ins and outs of the process.  And that’s why nine out of 10 buyers use a real estate agent to make the home-buying process easier and less stressful, according to the National Association of Realtors.

Get pre-approved

Getting pre-approved is one of the first - and most important - steps in the home-buying process.  It is the best way to determine how big of a monthly mortgage payment you can afford and will give you an indication of your price range as you shop for homes. Be sure to have a pre-approval letter at the ready when you make an offer on a home, since many sellers will not accept offers from buyers who do not have financing in place.

Take your time

One of the biggest benefits of a buyer’s market is that you can take a bit more time finding your home.  “Don’t feel pressured to settle for anything less than a home that meets your needs and fulfills your dreams,” Acosta says.  Keep in mind, however, that good homes in great locations that are priced right tend to sell quickly even in a buyer’s market.  You need to be prepared to make your offer as soon as that home becomes available.

Financing solutions

Take advantage of mortgage interest rates as they continue to remain at historical lows.  Low interest rates complement a large home inventory, allowing you to get more home for the money.

Negotiate

Once your real estate agent has helped you find the home of your dreams, work with them as your trusted advisor to negotiate the price for you.  Motivated sellers may be willing to reduce their price, or even pay part of the closing costs.

If you are looking at new construction, Acosta advises you make sure any incentives offered are tied to the home.  For example, if a builder offers a cruise or flat-screen TV, ask for the value of the item to be discounted from the purchase price of the home.  You are purchasing a home and that should be your focus - not the giveaways.

For information on foreclosures in San Antonio, contact Best Homes GMAC Real Estate, located at 4800 Fredericksburg, San Antonio 78229 at 210.691.4622.  Additional information on homes for sale in San Antonio can be found at  www.bhgmac.com.