I was asked where a buyer can research comps to determine the value of a property. Wow! This is a loaded question.

Zillow is a common place to research property transfers. It's based off data through the county recorder's office. However, the full scope of a sales transaction is not provided. For instance, a condo transferred between husband and wife through a divorce settlement may not be full market value, as well as an estate transfer, sale with owner carryback, short sale, or exchange. Factors involved in the sale don't show up on straight numbers.

My recommendation to any buyer researching comps with the intent to make an offer is HIRE AN AGENT. In most markets the seller pays commission to their agent and the buyer's agent, so it costs the buyer nothing to hire representation. Real estate agents have access to the MLS data that you don't, and they can determine a market value based off all the information not just the final numbers.

If you're a buyer wanting to take advantage of holiday rates, remember to consider vacation schedules and holiday hours.

It will take longer to get loans approved when banks are closed for the holidays, and many employers offer short days or full weeks off for their staff. Inspectors will also take long weekends and have plans to be out of town — not always on the holiday. When they get back from vacation it takes some time to get caught up and back on track.

Plan ahead and allow some extra time to do your inspections and loan approval so you aren't at the mercy of a demanding seller.

You first-time buyers may be interested in considering this "tax credit" if you are looking to purchase in the next ~ 6 months. Unfortunately it's not "free" money, but if you wish to balance out some of your moving or new home expenses, this program will allow you to defer up to $7500 on your 2008/2009 federal return, allowing you to have a little extra in-pocket to purchase new furnishings or perform repairs to your new home!

http://www.federalhousingtaxcredit.com/glance.php