There is a surplus of homes available for sale on the market, and prices are falling across the country.

Everything looks to be in favor of the buyer.

Not only do they have a plethora of homes to choose from, they are also going to see a lot of great deals that were non-existent last year.

Although the market is definitely in favor of the buyer, there are some helpful tips and suggestions that every buyer should know in order to take full advantage of the marketplace in the coming year.

A January 5, 2007 article published in The Wall Street Journal by Marshall Loeb of MarketWatch, “Shopping for a home in a buyer’s market," gives some pertinent tips that every home shopper should know.

“It's no secret that the housing market finally, after a long while, belongs to the buyer. Home sales and prices sagged in 2006, and 2007 is not expected to be too different. According to David Lereah, chief economist for the National Association of Realtors, buyers have a ‘window of opportunity’ in 2007 to take advantage of lower mortgage interest rates and seller flexibility."

The first thing potential homeowners need to do is open their horizons to all types of homes. Not limiting yourself is the key to a successful transaction. Obviously do not waste your time on homes that are way too small or too big, but remember to keep an open mind throughout the entire process.

“While you should look for homes that are listed with real estate agents, don't discount properties that are for sale by owner. They make up about 25% of the market, and you may be able to find a good deal with one of them thanks to a lack of agent commission and fees."

When you are looking for a home, make sure that you take your time.

Unlike a seller’s market, there is no need to make a rush on your decision in today’s buyer’s market. Make sure you have done your research and homework and truly love the house before making any hasty decisions.

“There's no need to rush in this market, so don't worry about putting in the highest bid or writing a check the minute you like a place. Research the neighborhood to find out if the asking price is consistent with other homes in the area."

Also, when you do find the home or development where you could see yourself living, do not hesitate to ask for incentives.

“To sell their homes, owners may be willing to throw in extras such as appliances, work sheds, drapes or even patio furniture for the asking price. Try negotiating some extras."

Keep these tips in mind for a successful home sale in 2007.