Yesterday’s LA Times real estate section had a good Q&A question: As a first time home buyer, is this a good time to buy? Home values have plunged and home prices may fall further, so is this the best time to buy?

Columnist Liz Weston wrote some good thoughts. She said the best time to buy is when:

1. You have a strong desire to be a homeowner.
2. You are financially prepared and can afford the costs of a home, and
3. You are ready to stay put for several years.

She also gave wisdom – she said “those are the same conditions buyers should have been able to meet at the peak of the housing boom. The best time to buy a home is when you are ready, regardless of the market.

That said, if you buy now, you must be psychologically prepared for your home to lose value. You could wait until prices start to rebound – but you may lose out on low interest rates or some great deals.”

Timeless, good advice for buying real estate!