Moving to West Fargo?: 5 REASONS TO BUY A HOME

1. Prices in the neighborhood you are interested in are relatively stable. Either they are holding their own or increasing, or the pace of decline is slowing significantly. If you have to move and don't like apartments, the small penalty you pay for missing the bottom may not mean much.

2. You plan to stay in the home for more than five years. If you can stick it out that long before selling, economists say you’ll probably ride out any downturn and come out ahead on price.

3. Your rent rivals a mortgage payment. If you can afford to buy, it can give you one bonus that renting can't: the mortgage-interest deduction on your taxes.

4. You've found the right house in the right area for you. The schools are great. You love the area and know it would be hard to find another house like the one you have your eye on. In a better market, you would most likely have much more competition for that home.

5. You've built equity in your house and are moving to a place where homes are cheaper. In your new market, your money will go a lot further.

5 REASONS TO HOLD OFF

1. You've lived in your house less than two years. Chances are you haven't had enough time to accumulate equity in your home. Indeed, you may have negative equity, if you live in many areas such as California, Florida, Arizona or Nevada.

2. Your job security is uncertain. If your company or business is in distress, it's probably better to stay put until the smoke clears.

3. You don't plan to stay in your next house at least five years. While it's not important to buy at the exact bottom of the market, it is important to stay long enough to ride it out completely.

4. You don't have good credit or a decent down payment. Do you have a job and income you can document? As a result of the subprime lending crisis, lenders are much more careful about whom they're giving their money to.

5. You have an existing home to sell in a neighborhood where prices are dropping precipitously or where the number of foreclosures is spiking. In this climate, you're probably better off waiting out the storm.

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West Fargo Real Estate Tips: 8 tips for pricing your home in a buyer's market

Getting ready to sell? The more you know about conditions in your local West Fargo market, the better your chances of getting the best possible price for your home.

1. Recognize that housing markets are local.
Home prices are like the weather -- very different in different areas.

2. Analyze who is buying and selling in your West Fargo market.
What's your competition? Who are the buyers, and why are they shopping?

3. Ask the professionals in West Fargo
Don't ignore the elephant in the living room. When you interview real-estate agents, ask about the market conditions for your area and price range.

4. Know what your house is worth.
Talk to a handful of agents. Get an appraisal from a certified professional appraiser. Look at your comparables. Taken together, that information will give you a pretty good idea of what your home is currently worth.

5. Consider strategic pricing.
Here's how it works: If prices in your area are dropping 1% each month, and you want to sell within the next three months, you take 3% off your price right off the bat. So if you were going to put your home on the market for $400,000, you set the price at roughly $388,000.

6. Rebate your "commission."
If you're selling it yourself and need to move quickly, consider subtracting half of what would have been the commission from the sale price. The standard commission is about 7%, so if you subtract 3%, your $300,000 house would go on the market for $291,000, he says.

7. Evaluate whether you really have to sell now.

8. Assess the market where you plan to buy.
If you're selling one house and buying another, look at the market where you plan to move. "It might be that, with the housing there, it's a great time to buy."

Find a new home.

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