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By Greg Wright

Think the sluggish economy nixes home buying plans in the county? Think again. It may actually be the best time to jump into the market, said Linda Simpson, president of the Prince George’s County Association of Realtors.

Due to the bad economy, there is more affordable housing, and bargain-priced foreclosed homes in the county, Simpson said.

“The price of housing is probably the lowest it has been in I don’t know how long,” said Simpson, who has been in the business for almost 30 years and works for Weichert Realtors. “Probably the best in 10 or 20 years.”

Now may be best time to buy a home in Prince George's County

Prices have dropped significantly so homes that were going for around $600,000 at the height of the housing bubble can be had for $400,000, Simpson said. There are also tax credits and other programs available to help homebuyers grab a piece of the American dream.

For instance, Prince George’s County offers the Neighborhood Stabilization Program (www.princegeorgescountymd.gov/dream), she said. This program gives buyers down payment and closing cost help to buy vacant foreclosed properties. According to Simpson, the assistance goes up to $20,000 for a first-time homebuyer, which is defined as someone who has not owned a home in the past three years.

There are about 6,100 homes in Prince George’s County that are in some stage of foreclosure, according to the association.

Interest rates are still low at below 6 percent for qualified buyers, Simpson said. However, with tighter credit restrictions buyers may not be able to borrow as much money. So you may be qualified to buy less home than you expect, Simpson said.

Despite tough economic times, home sales are picking up in the county. Simpson said 536 housing units sold in the Prince George’s in June 2009, up from 450 during the same month last year. The average sales price also dropped to $282,000 in June 2009 compared to $327,000 in June 2008, she said.

But if you are selling a home it’s a different story. Many homeowners in the county now owe more on their mortgage than their homes are worth, Simpson said. They can also expect their homes to sit on the market for almost five months before finding a buyer.