Zillow CEO's Top Three Home Buying Tips

With home values down 26% since the market's peak in 2006, and mortgage rates still at historic lows, it's a great time to buy a home, says Zillow's CEO, Spencer Rascoff. I recently caught up with him in New York City, and he shared his buying tips:

1. Arm Yourself with Knowledge

Take full advantage of all the tools and information available online. Access listings information, see photos, learn what the seller paid for their home, view price reductions and days on market information, and see an estimate of what the home is worth (a great starting point is Zillow's "Zestimate"). Having a reputable real estate agent also helps, says Rascoff, but his main message is this: knowledge is power.