"The eight county metropolitan (Philadelphia) area is in better shape than almost anywhere else in the country . . ." says Alan J. Heavens, the Philadelphia Inquirer Real Estate writer. This observation strikes a very positive note for anyone currently thinking of home buying in the Philadelphia, Main Line, or Greater Delaware Valley area.

 Probably the most important single thing to come away with from Mr. Heavens' observation is that the local Main Line real estate market is remarkably stable, not being subject to the same fluctuations as found in those once-hot markets. Credit a lot of this stability to the fact that local home sellers are not competing with nearly the same ratio of home foreclosures as are sellers in much of the nation. Local sellers are not competing with the depressive effects of contending with foreclosures. The comfort in this stability is obvious. One's home investment in Radnor Berwyn, or Paoli, even in the worst of financial times is, on average, reasonably secure. 

Added to this stability is the fact that mortgage rates have fallen for the last five weeks. Bob Walters, chief economist at Quicken Loans says that current rates are at "unprecedented lows." 

For potential buyers, the question is to buy or to wait.  On the one hand, to search now guarantees the largest possible inventory being available. In practical terms, the greatest number of opportunities to satisfy personal home tastes exist now, at great rates. 

On the other hand, to wait on buying now is prudent if one has fears that the present economic down-turn would personally engulf them. Or, one might choose to wait, hoping that the national bailout might suppress mortgage rates even further. Perhaps one can still pick up a still lesser rate. While hope is a great asset in all things, the question remains: would a slightly lower mortgage rate of perhaps ten to twenty basis points offset the opportunity to realize the "pick of the litter" from the extensive inventory that now exists? 

To hope that sellers might lower their prices still further over the next few months is probably not a likely prospect.  Spring is coming. And further price reductions would only pare down the realized monies that sellers, themselves, crave to have in order to weather the new financial conditions.

Christmas time might be a good time to look for your next home. You may find that you have the field almost to yourself.