The old metaphor ‘every cloud has a silver lining’ may be true even for today’s real estate market.If you are trying to sell a house right now, good luck. But if you’re a buyer with ready cash there may be no better time for purchasing.My Bermuda House realtor Duncan Dawson said a person with financing in place has their pick of housing in Bermuda.“It is a good time if you have the down payment,” he said. “Real estate prices are definitely low. The downside, is that we are finding the banks generally require 20 percent down payment [although] you can sometimes get it for ten percent depending on the bank.”Susan Thompson, agency manager at Coldwell Bank Bermuda Realty, also said there are some great deals out there right now.“We are doing more showing and we are getting more contracts,” she said.“That has been in the last couple of months. We are starting to see more non-Bermudians buying homes in Bermuda, again. Usually, when consumer confidence comes back it usually comes from the non-Bermudians first and trickles down to the Bermudians. So that is encouraging. Non-Bermudians still have to buy from another licensed person.“A Bermudian cannot sell to a non-Bermudian. There are still a number of properties within that range. They can be condos and houses. There are 2,000 acres Government has slated as the maximum acreage to sell to non-Bermudians. Government is currently calculating how many of those acres are actually owned by non-Bermudians.”Although things may be showing signs of improvement, real estate agents said the days of “flipping” are over, or at least on hold until the economy improves.“In the real estate business we are hoping the economy will start to improve in the next two years which means home prices will start to rise again,” said Mr Dawson.“But if you do buy, you should expect to hold on to your property for a while. There are very few properties that can be fixed up and sold right away for a profit. That is called flipping the property. It used to be possible in Bermuda.”Ms Thompson said flipping was never a great idea anyway, and that home ownership should be a long-term process.“That is not what real estate is about,” she said. “It should be a long-term investment. Most people own their property for at least five years. Some people may move up to a larger property, or it may be an investment for growth. The individual may have that as part of their portfolio as a rental.”The realtors said in today’s market, it is important that the prospective buyer has all their financial ducks in a row, before even starting to look at homes.“Obviously, the first thing people need to do is get pre-approved,” said Ms Thompson. “First, they should go to the bank to find out how much they can borrow. Often we see people looking outside of their price range which becomes very discouraging. My suggestion is go to the bank and get your pre-approval letter and make sure you have the required down payment and the closing costs you are going to need, including stamp duty and legal fees. When you find a property you will be in the position to buy it. The first thing the vendor will ask is do you have your pre-approval.”Mr Dawson said it was also important to stay on top of the bank’s pre-approval as the situation can change even over the course of three months.“We are finding that over time the banks tweak their percentages and their rules and someone three months ago might have been approved for $500,000. They go back, because they have had a raise, and the bank won’t even give them $500,000. Stay on top of that over the time that you are looking.”And Mr Dawson said, if you find a property that is not quite in your price range, talk it over with your real estate agent, and make an offer.“When the agent takes it to the landlord or owner they won’t tell them who you are,” said Mr Dawson. “We will say, we have a client, this is what they are offering. There is no embarrassment involved. We always try and maintain the anonymity until everyone is happy with the numbers. Once everyone is happy, then the two parties meet.”Once you do make an offer, consider paying for a building inspection to make sure that the property is as the seller claims. In the United States, a building inspection is standard practice, but in Bermuda, it is not as common.“There are some people (sellers) who take advantage of that,” said Ms Thompson. “Just like anything else you buy you want to ensure that it is something of value. As a purchaser you have the right to request any conditions. It could be financing or a building survey. Those are probably the most common requests. The building inspection would be the cost for the purchaser and not the vendor. If you have that condition within your sales agreement and the condition of the property is not to the standard you expected it, it would allow you to cancel the sale.”She said some people bring along a friend or relative who is well-versed in construction, to have a look over a potential property.It is not only a good time to buy, it is also a renters’ market there are currently more properties on offer than prospective tenants. Unfortunately, the downside to this is that falling rental prices mean that many landlords no longer have the funds to maintain their properties to a high standard. The renter may trade lower rental prices for more dampness coming through the walls, or cupboards that haven’t been updated in years.“There are properties out there that are in good shape and really well-priced, in a variety of bedroom ranges, up to three bedrooms,” said Mr Dawson.Tips for buying a home:First get your pre-approval letter from the bank and stay on top of it.Buy with the view to living in your new home for a few years.Request a building inspection, or take along a knowledgeable friend to see the property.If you like a property, make an offer.Properties at either end of the Island tend to be cheaper than those in central parishes.When buying condos ask about any monthly maintenance fees, which you might have to pay along with your monthly mortgage. In some developments this aspect can be costly.