How to Get an Even Better Deal on a Home

Anyone looking to make an even better deal in the tanking real estate market should consider buying a home that's for sale by owner (FSBO).

The median home price for sellers who used an agent in 2007 was $240,000, compared with $180,000 for a home sold directly by an owner, according the National Association of Realtors' 2007 NAR Profile of Home Buyers & Sellers. That spread is basically unchanged from last year.

While prowling for that perfect owner-sold home, prospective buyers might also want to put out feelers among friends and acquaintances for someone who is looking to sell and might do so before the home is openly marketed. About four out of 10 FSBO sellers sold their homes to someone they knew prior to the transaction. ...