Home Sales Up: Here's What Buyers Should Do

The National Association of Realtors said September existing-home sales increased 10 percent to a seasonally-adjusted annual rate of 4.53 million from August. The NAR said that "a housing recovery is taking place," which may be true, but if you are in the market for a home, relax--there's plenty of time.

The main reason is that total housing inventory fell 1.9 percent to 4.04 million, which represents a 10.7-month supply at the current sales pace. That's down from a 12-month supply in August, but up 8.9 percent from a year ago. Current levels of supply suggest house prices could continue to fall, so it should remain a buyer's market for a while.

If you are in the market to buy, here are three things to do before plunging into the pursuit of your dream home head-first.

Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated business analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

Twitter