Homebuyers can do quite well now with more homes coming on the market and many price reductions. However, we have to remember that there is NEVER a best time to buy since it is true that when you realize that prices were at their lowest is when those prices begin to rise. It is always that somewhat elusive moment in time. A buyer with great credit and 10% or more to put down will do very well right now with a purchase. William Chu, senior mortgage loan consultant with American Chartered Bank, suggests “it’s a particularly good time to look at the higher end properties if you can afford them because with the pool of buyers shrinking, upper market sellers are lowering their prices to attract a larger pool. So if you qualify, you could purchase a more expensive home at a much lower price than you could a few years ago,” he says. If your job situation is shaky, your credit needs tending to or if you are anticipating any life change in the next 2 years, the National Association of Realtors advises against buying now. Foreclosures have sounded like the magical answer to homebuying but the reality is that many foreclosed homes have been seriously neglected and the buyer is asked to purchase in “as-is condition” which means that any problems like structural defects will become the purchaser’s responsibility.
Filed under: buyer agency, money, real estate | Tagged: foreclosure, homebuying
