Is now the right time to buy a home?

Low mortgage rates and declining home values make homeownership more affordable these days. But does that mean now is the right time to buy a home? Should you wait?

It depends on whom you ask, where you live and most importantly, on your own situation.

Unfortunately, "nobody hits the gong when the market hits bottom," says Jed Smith, managing director of quantitative research for the National Association of Realtors. But in many markets, it appears that home prices are close to bottoming out, he says.

"In terms of affordability, now is definitely a good time," he says. "Prices are fairly low and interest rates are hovering at historic lows ... but real estate is very local. It's not just a question of state or city, but ZIP code."

Source: ABC15