Archive for April 2008

Today's Market May Opens Doors For Many Buyers

During the booming nationwide housing market of the early 2000s, lots of home buyers bought what they could get in their price range--not necessarily what they hoped for. Limited selection and competitive bidding forced many people to "settle" for properties that didn't really meet their particular needs or tastes.

Today's market offers a terrific opportunity to correct those somewhat-forced decisions. It's no secret that in many markets there are significantly more homes for sale now than were available three or so years ago. That means buyers now can pick and choose among available properties to find a home that more closely matches their needs. If you are looking for your next better home, consider your options. While some homeowners will need to sell their current home in order to purchase their next one, you may not need to sell before buying. A bridge loan could help you span the gap in the event your old home doesn't sell prior to settlement, or closing, on the new one.

Another option: Rent out your old home, making it an investment property. Depending on the market, rent payments may cover most or all of your ownership costs--you might even make money--while you find a great deal on a home more suitable to your tastes and lifestyle.

Remember, even if you can't sell your home for as much as you might have a year or two ago, neither can the other sellers in your area--it's still a "level playing field." The upside today is that you have more homes to choose from, and you can still take advantage of today's low mortgage interest rates. Of course, both those great advantages are also available to current renters and first-time buyers.