Housing prices have fallen 7.5% so far this quarter.  This raises the question “Is it a good time to purchase a home?”.

For many people the option to purchase a house is becoming more appealing as the prices fall lower and lower, especially for those who currently rent an apartment because in some cases a mortgage payment may end up costing less than the monthly payment for a mortgage.

As prices continue to fall there are many more people considering buying a home because they will able to get a house at the lowest price, get a good price on a mortgage due to low mortgage interest rates and, as long as they plan on owning their home for the next few years, they may be able to make profit off of their home once the market rebounds fully.

Here are some things CNN has listed as tips when considering to purchase a home:

• Plan on owning the house you are purchasing for the next couple of years
• Check out your credit history to make sure it is clean if you are applying for a mortgage
• Shop for homes you can afford and don’t try to live beyond your income
• Get professional help from real estate broker
• Hire a real estate lawyer
• Get pre-approval for a mortgage
• Do your homework before bidding on a house
• Have a home inspection done on the house you are considering purchasing prior to signing the contract (to read more about the value of home inspections click here)