Now is a great time to buy real estate. Prices have fallen and so have interest rates, there are many properties on the market ... wouldn’t you agree?No …? Then you’re probably saying something like this ... No this is not the best time to buy a property: I think prices are going to go lower and so are mortgage rates with so many properties on the market and more being added weekly why not wait it out?Bermuda like many other places has been experiencing a buyer’s market for a couple years. Since the election and New Year, we have seen increased consumer confidence with a huge increase in activity. Buyers are acknowledging that current prices in all segments of the market reflect huge opportunities for them. The resulting down ward push on prices makes buyers happy, but it can be overwhelming, there are a lot of choices to sort through, and buyers are wondering if they should wait a little while longer before purchasing.Here’s the Answer:If you find a house at the right price, buy it.If you are serious about buying a house, this is both the first step and the final goal. Many serious buyers often find a suitable property in two weeks to two months. To put it more precisely, you have to decide whether you will actively shop and then negotiate a fair deal; or if you’re just passively house browsing hoping to stumble on a steal before someone else does. Also, in truth there is not that much out there on the market in the popular price ranges. For instance, currently there are just 6 single dwelling unit houses island wide priced between $695,000 and $795,000.You’re more likely to succeed with the proactive approach instead of waiting (possibly in vain) for prices to fall further. You can’t predict when the local market will hit bottom. Data in the USA shows that property sales and prices are rising indicating that they have seen the bottom of the market already. Even if the prices do fall someone could buy your favourite house from under you. One agent put it this way. It’s like when you find a dress you like and you wait for it to go on sale. And then the sale comes and they don’t have your size. Theoretically you saved 20%, but you don’t have your dress!There’s always the possibility that you’ll buy a house and then the value will fall, in the 1990s there was a slump that took several years for houses to recover to their previous levels. It could happen again, therefore, buy a house that will grow with you if market conditions change and you find it necessary to stay in it longer than you anticipated. House prices are like stock prices they never stay still. Don’t wait until it’s too late, hindsight as they say is 20/20.This week’s column was submitted by Heather Chilvers, e-mail hchilvers@brcl.bm or 332-1793.