Experts are always being asked to determine if "now" is a good time to buy a home.

There's one response you can always count on hearing, regardless of the current economic situation: "It's always a good time to buy a home . . . as long you are buying the right home . . . at the right price . . . and on the right terms."

That's good news if you ever unexpectedly find yourself in a situation where you need to relocate, such as a job transfer, but it's even better news for those of you who have recently considered a move to a different community or new neighborhood-- especially if your family is growing or changing right now.

According to the trusted, reliable and experienced experts of our very own Northwest Indiana Housing Alliance, whether a move is imminent or something you've been considering, there are 3 compelling reasons why "now" is a great time to buy a home.

#1. The right home.

In today's buyers market you have the opportunity to carefully compare your options. You can search for the right combination of price, amenities, neighborhood, commute time and more as you review all of the available options from existing, pre-owned homes to new construction that's ready-to-move-in or built especially for you.

#2. The right price.

Today's lower prices are helping stimulate buyer demand, which, when combined with the fact that housing starts have dropped, is contributing to a reduction in housing inventory. As the housing market equalizes it is predicted that things will turnaround fairly quickly. Once prices start rising, all of your best options may very well be picked over.

#3. The right terms.

Historically low interest rates are an incredible incentive for buyers with some down payment cash in the bank (you can still qualify for an FHA loan with just over 3% down) and decent credit. You have the opportunity to literally find the deal of a lifetime right now.

"Buying a home is your greatest investment. Not only does it provide shelter, security, stability and a lifetime of memories, it is the key to building personal wealth," Pete Novak, chief executive officer of the Greater Northwest Indiana Association of Realtors® (GNIAR), said. "In fact, 60% of a homeowner's wealth is from the equity they have built in their home."

As a result, buying real estate can be an extremely complex transaction that generates a mountain of intricate paperwork. When you combine that with our current economic climate, you're bound to have some concerns that need to be addressed prior to searching for the home of your dreams.

In order to eliminate any uncertainty you may be feeling about taking the plunge in today's housing market, you should become familiar with all the steps involved with buying a home. Once you gain a complete picture of how the process works, you can use this information to make the very best decisions for your individual situation.

While it's tempting to start searching for desirable listings online or in real estate publications, before you begin looking at homes, it's important to first investigate your options for financing a home and obtain pre-approval from a lender.

Not only is it a well-known fact that buyers who are pre-approved for a home loan often have their offers taken more seriously by sellers, by meeting with lenders early in the home buying process you can look at a variety of loan options to determine the one that best meets your needs, as well as how much you can afford. Once you gain this information and a pre-approval letter from your selected lender, you are prepared to act immediately when you fall in love with the home of your dreams.

"Our members routinely suggest that buyers start the mortgage process well before bidding on a home," Novak said. "Purchase forms often require buyers to apply for financing within a given time period, in many cases, 7-10 days. By meeting with loan officers in advance and identifying mortgage programs, it won't be necessary to quickly find a lender, check credit and rush into a financing decision that may not be the best option."

While pre-approval is not a final loan commitment, it shows that you have the financial strength to go through with a purchase. This information is important to sellers since they are less likely to accept offers that do not include similar evidence that financing can be secured.

Next, as you discover firsthand how all the homes you look at differ in so many ways; keep in mind that no two real estate transactions are alike either. Just as you need to compare and contrast financing options, contract terms, inspection requirements, insurance, taxes and closing costs will all be a part of your final decision.

If you haven't already done so, now may also be the time to enlist the services of a professional Realtor. In addition to providing you with a wealth of tools for making educated decisions, a Realtor can help guide you to the very best opportunities in our local real estate market.