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Tuesday, October 09, 2007

Are There Bargains to Be had in the Housing Market?

A Bargain at today's prices may not be a bargain at tomorrow's prices. What may seem to be a deal in today's market can go either way with our current situation. Are you going to live in the home? Then time will usually resolve the price issues. Are you planning on moving in a year or two? It could be anyone's guess as to the price you will end up selling the home at. Our market is still far from stable. If you buy a home with the intent to stay there you should end up on the plus side as the market begins to level out. Like the title of a old song goes "Time is On Our Side".

Tuesday, October 02, 2007

The Housing Problems Are Not Over (no matter what the media says)

Many future home buyers will now find they cannot get a mortgage because of the new and improved guidelines which greatly limit who qualifies for a mortgage. Many financial sources will be reporting huge losses in this quarter and there is more damage to come. As the home prices drop to a level where more buyers can afford the glut of homes will START to dry up.That means many home sellers still have to drop the price of their homes to attract buyers. Some will be forced to do so and others will just sit back and wait. Those sellers who bring their prices down may be able to get out of their financial problems without completely ruining their credit. Others will go down with the sinking ship. The market will even out but it will take a long time to sell off all the product on the market as of now. Time does have a way of fixing issues such as these. The BIG question is: DO YOU HAVE THE TIME?

Hard Decisions are Ahead For Many Home Owners

As more homes sit for sale on the market and the prices keep falling,hard decisions are coming up for many homeowners. More borrowers are finding their homes are now worth less than they owe on them and that they will be upside down on the home soon and will bail out on the mortgage. Borrowers that are able to sell their homes (even at a loss) need to think about what their home may be worth in a few months. Buying a home for a investment was a great idea for those who could weather the market and who intended to live in their homes for a while. The flippers are now dead in the water and will need to eat their losses and move on if they do not have the finances to hold and maintain their flips. If you have a home and cannot afford to keep it then do not wait until the ship sinks before jumping off. It would be better to sell at a reduced price while you still have a little equity rather than wait until that equity vanishes. Hard decisions will have to made for many home owners in the near future.


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