Should I buy now or later?

Many buyers out there are afraid to commit to a home purchase now because of the recent direction of the housing market. If they buy now, the market may continue to go down and the home they buy will decrease in value. However, “timing” the real estate market - like the stock market - is difficult. You don’t know the bottom has hit until it’s on it’s way back up and then you’ve missed the bottom.

As you can read in my blog entry below -Have we hit the bottom - the number of homes available has been steadily decreasing since July. This would suggest that we’ve seen the worst of the market downturn and should see a leveling off of prices. And opportunities abound for buyers who are ready to buy but can be patient. One such opportunity is a “short sale” home.

“Short sale” homes are properties for sale that are in the foreclosure process and the lender on the property is willing to accept less for the property than is actually owed to avoid foreclosure. Finding a “short sale” can often be a good deal for both the potential buyer, the seller and the lender. It stops the foreclosure process which helps the credit of the seller, the buyer gets a home at below market value and the lender doesn’t have to add another home to its REO department. But the buyer needs patience. It can take 2 or more weeks to find out if the lender is willing to accept your offer.

If you’re interested in learning more about short sale properties, please call or email me. I’d be happy to help you find a home that suits your needs and your pocketbook.