Is it a good time to buy a home?

With lower housing prices, and more houses to buy than people who want to buy them, there are pluses about buying a house right now.

With housing prices down over 5.3% since June, Realtor Mike Weaster with Graham and Company Realty gives a qualified yes - but it may be harder to find exactly what you want. "There are still more listings than there are people trying to buy them. But --- there's a lack of affordable housing!" Also, home prices are still up 5% from a year ago, and Weaster says there are rising interest rates to consider. " All of the economists I'm talking to say that the rates are going to rise again - but it's not going to be like it used to be: 17% - 19%!"

With lower housing prices, and more houses to buy than people who want to buy them, there are pluses about buying a house right now. Weaster says the market has definitely slowed down. . "At the end of the day - is the Houston area real estate market going to continue to slow down? I'm afraid to say, 'I believe it is!' " And thre's always this factor: "There interest rate is definitely going to play a factor in the slowing down. If you've got a good credit score and a low income-to-debt ratio - you can qualify for a better interest rate!"

Weaster says it's definitely a better time to buy this year than in years past when rates were in the high teens. He reminds buyers to negotiate their best and see if that new home is totally affordable for them.

photo: Getty