Larry Cheek

If you can afford it, home prices remain at an all-time low and selection an all-time high.

There is an opportunity in residential real estate ownership unlike any we've seen in quite a long time, a perfect storm of sorts that is unlikely to last much longer. Home prices are down, interest rates remain near historical lows, and inventory is high. Thus, those with stable jobs and good credit can find their dream home, pay a price lower than any time in the last five or more years, finance it at a very favorable interest rate, and thereby be perfectly positioned for the housing recovery. 

Most of us who remember shopping for a home in 2005 and 2006—when national inventories were extremely low—recall how difficult it was to find our dream home in our preferred neighborhood at a price we considered affordable, let alone realistic. With so few houses available, any home in a desirable area sold regardless of its condition or layout—often before it was even officially listed.

According to the National Association of Realtors, the inventory of existing homes for sale peaked in November of 2008 at an 11 months' supply. There was a 9.6 month supply at the end of May and, from what I hear, it has fallen since then.

While you think your dream home will remain on the market forever; the selection is definitely shrinking.

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