Posted by: Larry Stevens | May 26, 2012

New Article: How To Buy A House in the Current Housing Market

New Article: How To Buy A House in the Current Housing Market

A new article has been posted on our blog by Dan Moyle:

How To Buy A House in the Current Housing Market

 

 

current housing market roller coasterGiven the recent real estate roller coaster ride we’ve experienced in the past several years, home buyers are asking “How can I buy a house in the current housing market?”

The following points and strategies are offered to better equip and guide home buyers in making wise, informed decisions:

  1. Historically Low Mortgage Interest Rates: Perhaps one of the biggest benefits of buying a home in the current housing market is taking advantage of the incredibly low interest rates. Because the rates are some of the lowest we’ve seen in decades, many home buyers are considering shorter loan terms (15 year vs. 30 year) or DIY mortgage acceleration payments.
  2. Affordable Home Costs: Buying a home at the low end of the housing cycle is always a preferred strategy and typically enables you to realize the most return on your home purchase investment. The challenge is knowing when your particular market has hit bottom. Rely on the trusted expertise of a local real estate professional to help you determine when is the best time to buy.
  3. Credit is Key: With the Wall Street debacle, lending requirements have tightened up significantly, making it much more difficult for home buyers to qualify for their home purchase. Ensure that your credit rating remains strong and intact. Rely on the qualified experts at AmeriFirst Home Mortgageto provide helpful advice on any credit repair issues.
  4. Distressed Properties: While not always an option for the faint of heart or handyman-challenged, the high number of available distressed properties (short sales and foreclosures) can be a viable home investment opportunity. Understand that there is nothing short about a short sale, and that it can literally take months for the bank to approve the sale. As with any home purchase, have a thorough home inspection performed by a qualified home inspector to identify any major issues. Plus, understand buying options like HomePath Renovation and FHA 203k.

Recognize that while, in most instances, the current housing market does present some really excellent and affordable opportunities to buy a home, real estate truly is local and individual markets can vary significantly. A knowledgeable local real estate agent or broker can help you successfully navigate purchasing a home in your own unique market.

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