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

Many homeowners evaluate the market and focus on "my house has depreciated $100,000 in the last year." This is a misleading mindset. The house is only worth what it can be sold for in the present market, and real estate is a commodity that fluctuates.

If you sell in a seller's market you also buy in a seller's market. Sell in a buyer's market, buy in a buyer's market. You trade apples for apples.

If Apple 1 costs $10, Apple 2 costs $10. If Apple 1 depreciates to $1, then Apple 2 is also $1. So you could sell your home for $900,000 last year and you downsized and purchased a $500,000 home. Maybe your house sells for $700,000 this year, but you can downsize to a $300,000 home. What is your net profit?

Every so often you can sell in a seller's market, rent a year or two, then buy in a buyer's market. Usually though, even if you sell and buy within a four- or six-month period, you will have a similar value baseline.

Last year we considered selling our Sunnyvale home. Neighbors were getting $50K or more over their asking price with multiple offers. We decided to wait until summer, thinking the market would improve with a new school year forthcoming. Did we make a mistake and miss the market? Do you think if we wait until summer 2009 that will be a better time to sell?

The real estate market is adjusting to economic factors, and the most difficult decision you may make is whether you wish to adjust your expectations to meet the terms of the economic changes. While you may not receive the plethora of offers that your neighbor got last year, in reality all that is needed is one strong offer from a qualified buyer. The bottom line is buyers are heavily considering price, and if you want to sell you need to be willing to meet the market.

Spring to summer is traditionally the best time to sell as people tend to relocate after the school year ends. Sellers position themselves then to list their houses for this peak season. Statistically, you may have more buyers shopping in the peak season, but usually you'll have more competition as well. Many sellers sign a six-month listing agreement, so the unsold homes that were listed in May or June are coming off the market now. Listing your home prior to the peak season very well may position yourself among fewer competitors.