How can I possibly buy a house in today's market?

This is a good question. The answer might surprise you. Today is actually one of the best times in the last 30 years to buy a home, especially for a first time buyer or a move up buyer and seller. There are several factors that contribute to this. First, We presently have an enormous amount of inventory, meaning there are way more homes on the market than buyers are buying. Because of this, those sellers who need to sell are having to drop the listing price of their homes, some up to 10-15%! That is a lot. When you combine those facts with the recently dropped intereste rates, which were already at historical lows, you have a perfect storm for home buyers....



The catch...



With the current economic situation, potential buyers must beware of a number of things. First, you must be financially ready to buy! You need to have an up to date running budget. You need to have a 3-6 month cash or liquid reserve for emergencies. You need to have a minimum 3% (which would be $4500 for $150,000 purchase) available for downpayment. As lending laws and regulations are constantly changing, this will also change. You need to have professional representation when buying a home. Without an expert working diligently for you, you could run into such pitfalls as predatory lending, title issues, abstract contractual obligations, problems with appraisals and mandatory repairs, negotiating and understanding a fair price and terms, home inspection issues including radon, mold, and lead-based paint issues, and the list goes on. There are many things to consider when purchasing or selling a home.

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