Article by Tamara E. Holmes of Bankrate.com - http://bit.ly/bsMuHH
I have summarized the five lessons but please read the article for a more in-depth discussion.
1. Adjust your Housing Expectations
2. You can’t Time the Market
3. Your Home is not a Piggybank
4. Do Your Own research
5. Think Long-Term Financing
Know your specific housing market and do not rely on national statistics to guide your decisions. Look for trends rather than month-to-month or year to year comparisons. The most important component of the housing market to watch closely in March is interest rates. I am afraid interest rates will be trending up and those watching from the fence will not be ready to react and take advantage of low interest rates and the federal tax credit.
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