It is a great time to buy for many would-be homeowners

The market offers historically low interest rates, as well as affordable home prices. Here are 10 steps that buyers can take to make home dreams a reality!

1. Savings. You may already know how much monthly payment you can support (experts recommend no more than 1/3 your monthly income), but the buying process will also include upfront costs, such as a down payment and closing costs.

2. Down payment options. Do you qualify for down payment assistance programs? Will you be able to get an FHA loan and pay 3.5 percent down? Do you have a relative that would like to make a down payment gift? Many financial experts recommend a down payment of 20 percent, so be sure to explore your options!

3. Check Credit Report. Your credit report says a lot about you. Lenders use it to evaluate your risk potential and to inform themselves on how responsible of a borrower you are. They use this report and subsequent score to figure your interest rate. The more stellar your report, the better your score and thus lower your rate. Be sure to check your report for accuracy, and report any errors to the credit reporting agencies.

4. Get Preapproved. It's time to talk to a lender! Pre-approval will give you a ballpark figure of how much the bank would be willing to lend you. Are you looking for a $100,000 house or a $1,000,000?

5. Get Prequalified. This is the official letter from the lender that says they will be willing to lend you money. Many sellers look for buyers who are prequalified.

6. Affordability. The bank may tell you that you can afford a home worth $300,000. This does not mean you want to borrow to your max. A more modest home may fit better in your financial plans.

7. Housing Criteria. You have a budget, now develop a list of what you need and want. This can include anything from "must have 3 bedrooms" to "hardwoods" or "granite".

8. Neighborhood choice. Location strongly affects prices. A 3,000 square foot home in rural Kansas costs a fraction of one in New York City. Decide what neighborhoods and areas are the best fit for you. This will help narrow your home search.

9. Hire an agent. An agent can help you navigate the entire process from searching, putting in offers, to where to hire an inspector or general contractors.

10. Start the search! The MLS is a wonderful place to begin your search. Eighty-four percent of buyers now start their search online, so you'll be in good company. Try www.wix.com/dr_broker_shull/site and search for free.

“10 Reasons To Buy A Home, Now.”

1. You can get a good deal. This is a buyers’ market. Prices on average have come down about 30% from their peak according to the Case-Shiller Index.

2. Mortgages are cheap. You can get a 30-year loan for around 4.3%. As recently as two years ago, they were about 6.3%. That drops your monthly payment by 25% or more. When inflation picks up, and it will, you won’t see these mortgage rates again in your lifetime.

3. You’ll save on taxes. You can deduct the mortgage interest rate from your income taxes and you’ll get a tax break on capital gains when you sell.

4. The home will be yours. You can have the kitchen and bathrooms as you want. You can move the walls, build an extension or paint everything bright orange. These types of changes are impossible for renters.

5. You’ll get a better home. In many parts of the country it is really hard to find a good rental. Many of the best places have been sold as condos. Generally speaking, if you want the best home, in the best neighborhood, you’re better off buying.

6. It offers some inflation protection. Studies by the Case-Shiller Index suggest that, over the long term, housing has beaten inflation by a couple of percentage points a year.

7. It is risk capital. No, your home isn’t the stock market and you shouldn’t view it as the way to get rich. Sooner or later the economy is going to grow and real estate prices will head up again, too.

8. It is a forced savings. Part of a mortgage payment goes towards the principle repayment. You are just paying yourself by building equity. As a forced monthly savings, it is a good discipline.

9. There is a lot to choose from. Builders are sitting with inventory. They have also introduced new model homes that are more energy efficient, and in many cases more affordable to own. That means great choices, as well as great prices.

10. Sooner or later, the market will clear. Demand and supply will meet. As hard as it may be to believe, demand will exceed supply, the price of labor and materials will increase leading to higher prices.

Now is the perfect time to buy if you qualify for a mortgage, especially if you don’t have a home to sell.