Its important for buyers to realize that we are currently enjoying a perfect opportunity in the real estate market as usually there is an inverse relationship between home prices and mortgage rates (high prices accompanying low rates, or low prices with high rates). Usually a buyer has only two options, either paying too much for their home in a seller’s market or paying too high a mortgage rate in a buyer’s market. This relationship between price and interest rate determines affordability. 2009 is an anomaly, with both home prices and their interest rates are low at the same time. As a result, housing is very affordable right now, making 2009 the best buying opportunity we’ve seen since the ’70s and the best we’ll see until rates creep up. Nearly two-thirds of current sales are first-time home buyers. For anyone looking to get into the market for the first time, right now is your chance while housing is affordable. Which is why for example, never before has one man’s trash been another man’s greatest treasure in the form of a foreclosure.

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