'Best Time Ever' to Buy a Home? Best-Selling Author Says Yes

Adam Leitman Bailey is author of The New York Times best-seller "Finding the Uncommon Deal." He believes that this is the best time in modern real estate history to be buying a home. (Read a sample chapter here.)

AOL Real Estate interviewed Bailey about the market and how savvy home shoppers can find the steal of the century.

So many homes today are being bought by investors. How can John Q. Public compete with the pros and snag an honest-to-goodness bargain in today's real estate market?

Today, more than any other time in history, information is the key. You need to become an expert on your local market. There are three things you must do: Look within a small geographic area; look intensely for a short period of time; look at many, many properties.

After a while, you will know what the price should be and will spot a bargain when you see it. Spreading out your search over various neighborhoods, or taking a year to do it, or only going to open houses on Sundays won't cut it. The market is rapidly changing and very hyper-localized. Focus narrowly and focus intensely.