New home sales are way down and the number of existing homes on the marketplace is increasing. There’s more than one or two “For Sale” signs in most neighborhoods.

It’s a buyer’s market. Sure, the mortgage rates have gone up a point or so from their lower rates of last year but this fact has caused sellers to realize that with less attractive mortgage rates, the price on the house has to be attractive. House prices are falling with every month they go unsold.

And let’s face it, you can always refinance another day, when the rates are lower – but there’s nothing you can do about paying too much for your house.

There are a lot of voices telling you to wait, prices will come down more. While this may be true for a while, it won’t be true forever. Still, take your time in deciding on a purchase. There are lots of homes to choose from. Pick your lender carefully and make the best deal you can.

In a slower market with prices coming down and rates going up, you probably won’t be able to purchase your home and then turn around and sell next year at a profit, but wait 5 years and you will probably do fine.