Otherwise, if you need to sell a house to buy a house and your credit is marginal, most experts would say, "Don't", because you're competing in a very complex market." Even Martha Stewart might have a hard time selling a mansion in this market. I know some experts are saying, "don't buy anything", and that maybe true if you are living from paycheck to paycheck. Read about trading up in this market.
Why is this the best time to buy your home?
- You are sure to find your dream home, with the huge inventory of reduced priced homes and some near foreclosure houses that offer deeper discounts.
- Sure, it looks like a gamble, given the state of the economy, but in reality prices haven't been slashed so low in years, that the risk is a positive one.
- Many of the builders are lowering prices and also offering incentives in new homes, but with their tie-in lender agreements. It is worth the time and effort to seek out.
- Realtors are more than ever to take the time to show you many homes and educate you about the area.
- The power to negotiate has become heightened-go for it- put in an offer, ask for extras, discounts on settlement costs, and more. Especially, for homes that have been languishing on the market for hundreds of days and anxious sellers who have to sell.
- Interest rates are great, and look for the first of February '08 for more discounts or possibly re-financing your existing loan-if you can handle the closing costs.
- If you purchase a home now, you will be well rewarded in the future when prices start going up again.
