Feb 20, 2009
Affordability returns to housing, and buyers have loads of negotiating power.
Source: MSN Real Estate
"If you're qualified to buy a home now, and the purchase makes sense for your situation, and you're prepared to live in that home for at least five years, there are five reasons you may be headed for a great deal."
This was a great article. There is so much new information every day about the housing market, it's tough for even lenders and real estate professionals to absorb it all! I'm grateful that I don't have to take my focus off of real estate to work another job right now. I spend a few hours a week just reading and talking to lenders to keep up on current trends.
According to an article on MSN Real Estate, one of the five reasons to buy a home is to "buy for quality of life." I agree that if you have the credit score, down payment and income to support the payments - it can be a very satisfying experience to be a home owner.
The bottom line is that there is no one answer for all buyers. Not all sellers are desperate. I believe that the key to being an educated buyer is finding an agent who understands and can explain financing. It's all about the financing that is negotiated in the sale. The terms that the lender gives you on the pre-approval would be the starting point. The financing terms that you can negotiate with a seller would be another way to lower your payment. A seller may be set at a certain price, but willing to pay down your interest rate, or contribute up to the maximum amount on closing costs.
Just be wary of information and articles that say that the market is one or the other. It's just not that black and white. To watch the real estate market and get monthly updates, go to my website and subscribe to Market Insider.
Here is the link to the full article from MSN Real Estate. There is also an article with 5 reasons NOT to buy a home this year. Also very good information. Home ownership is not for everyone.