- Personal Finance
Housing Mess Help
Real Estate Mess - Introduction
The real estate market is a mess. I don't think there is anyone with access to some media outlet that isn't aware of that fact. However, in spite of all the doom and gloom there is going to be a time when the real estate market has bottomed and will slowly start to turn around to the upside.
Is it Starting to Stabilize Now?
The real answer to this is who knows. But you have to realize that you won't guess the bottom (or you are very unlikely to). Most people can agree on one thing with our government's current agressive spending - mortgage rates are probably going to go up and pretty soon. So we are at a point where any gains you lose by prices going down are going to be contended with by an increase in the mortgage rate. In other words, if you buy now you should be able to lock in a low rate before the rates go up.
How To Pay Less Than Full Price
What's even better is that not only can you lock in a great rate before they go up but there is a way to get houses at below market prices. You have probably heard of foreclosed homes, i.e., homes where the owners could no longer pay the mortgage and had to walk away from the deal. But the reality is not too many people understand how to go about finding foreclosures.
Mortgage Crisis in a Nutshell
Try Hitting the Local Banks
The first step people often take is to meet with local bankers. Bankers are a good source but you will need to go to many banks and that is extremely time consuming. Further, banks will do their best to try to sell the houses at a higher price. They have the inside information. You may not be getting the true value from the bank's foreclosure listings because of that reason.