Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
We are buying real estate everytime we find a great deal. This is the best buyers market in many years. The market will settle down some time in the future and then buying at retail will make sense. Today the only properties that you should consider are the "Foreclosures & Short Sales" you can find 30%-40%-50%-60% discounts on beautiful homes to hold and rent or to live in. Find a great deal hold til the market upturns then sell and take your big profit.
You should check to find the real estate average value in your area. The local Realtor Assoc will publish the yearly and monthly appreciation or the rate of decline which will help to determine what is a deal for you. We have had an across the US decline in real estate vaules these rates are very helpful to investors.
We are buyers in every market up or down you need to understand the trends and buy ahead on them.
As a buyer "Short Sales" & "Foreclosures" are all about the money, the money you can save versus buying a retail MLS home. If you can't save 40% - 50% - 60% on a home including any repair or cleanup cost you should run away. There are too many excellent choices for a qualified buyer.
I have sold and purchased "Short Sale" & Foreclosure" homes in beautiful condition fully furnished where the sellers just walked they wanted out. Also homes that were junkers but the deal was too good to pass up it's all about the $$$.
My wife and I live in a home we recently purchased as a "Short Sale" it was alot of paperwork and time for me the agent. But in the end the bank reduced the amount they were owed on the loan by $325,000 we got a great deal. The home did not need any repairs as most foreclosures do it was move in beautiful condition. With "Short Sales" be flexible your time frame and with the location to get the best deal.
Bill Carey, Broker/Realtor
Certified Short Sale Seller Specialist
Charlotte's Premier Real Estate Company
In the $200,000 or lower price range, an interest rate increase of 1% will wipe out a $10,000 decrease in the home price and your mortgage payment may actually be higher.
In October, rates hit a historic low. Since then, they have crept back up to the 4.75 - 5.00% range.
If you wait to purchase a home, the price may decrease and more foreclosures may come on the market but supply and demand may kick in and the interest rates can go up. It is unpredictable exactly what will happen.
At some point, you have to make a decision. Buy now when rates or low or gamble that prices will come down enough to offset any possible rate increase.
If you plan to stay in your new home a while, the difference in waiting versus buying now shouldn't make much of a difference.
Hope this is of some help.
Long & Foster Real Estate, Inc
Lehigh Valley Office, PA
If you find a home that you like, buy it. Interest rates are great, and home prices are as low. Rates are as low as they were during the Great Depression, and the home affordability index has never been better. Be patient in your search, find a home, and buy it. There may be a large amount of Shadow Inventory (foreclosures that are not currently listed), but banks will not dump them. The United States and the Financial Institutions cannot afford to dump the inventory. They must slowly put the homes on the market. In the mean time they use a portion of the banking profits, to slowly absorb the losses. What does this mean to the housing market? It will take about three to four years to sell all of the Bank Owned Homes that currently exist. Every market is different and some markets will sell the inventory quicker. You also have to remember that New Housing Starts have been down, and some areas will see housing shortages in the near future. I suggest you talk with a knowledgeable Realtor in your area.
Best of Luck!