8 Smart Moves for Home Buyers, Sellers in ‘08
Heading into 2008, the market just isn’t turning around as so many predicted. The industry, it seems, has been caught up in a game of “projecting.” Meanwhile, this pesky subprime headache lingers on as we start to draw a clearer picture of how recklessly this shaky housing-market foundation was laid. It’s a hangover that will last well beyond New Year’s Day.
In contrast to the billions in risky ARM loans that were advanced to questionable borrowers toward the end of the boom years, many credit-worthy buyers are now getting a different kind of arm — a straight-arm — when they seek out mortgages amidst a backdrop of spiraling foreclosures and plummeting prices.
Home Buyers Wait For Better Deals
$5,000 toward closing costs!
Zero Down Payment!
Zero Payments for 6 Months!
$10,000 off Select Homes!
These are some of the current headlines for New Home Builder ads. Still many prospective buyers don’t see the bargains. Is it ineffective marketing? Or maybe afraid of the current market conditions? J.W. Elphinstone Associated Press writes “Home Buyers Wait For Better Deals” for the Detroit News.
Also read “New Home Sales Hit 12-Year Low” by Chris Isidore at CNNMoney.com
Three Tips For First-Time Homebuyers
If you are considering buying your first home, here are some great pieces of advice to follow when setting out:
Understand the lingo. Do your best to obtain general knowledge about the homebuying process and the real estate market. Your REALTOR® can be an invaluable asset to you when starting out. You might also look into taking a homebuyer education course; at your local Department of Housing and Community Affairs offers classes around the state.