Favorable Market for Home Buyers, Economist Says

"We now have the most favorable market for home buyers in several years, and most sellers -- who've been in their home for a normal period of homeownership -- are still seeing very healthy returns on their investment," says David Lereah, the chief economist of the National Assn of Realtors. He goes on to say, "Home sellers are becoming realistic about current market conditions and are now offering more competitive pricing, in addition to some incentives or concessions -- especially to help first-time buyers."