When it comes to most topics of interest, I tend to be an optimist by nature. When I read about great stocks like Apple getting cut in half or the overall market being dragged ever further into the tank, I tend to look at it as a buying opportunity (your mileage my vary of course, opinions abound as to what’s value and what’s a value trap) for stocks that have been needlessly battered. When I read about the rising tide of foreclosures and housing prices falling across the globe, I try to look at ias giving new homeowners a shot at getting in on the ground floor. I accept the negatives for what they are and try to find a positive slant, if you will, without one of those “everything will be fine!” mentalities that borderlines denial. Unfortunately for me, the real estate market just can’t seem to find it’s footing, the floor keeps getting redefined, but as with anything else, it’s not all bad.
Let’s look at what we have. If you can find the financing from..well somewhere, rates for mortgages are being driven downward. Sellers are getting increasingly anxious to unload their properties, and so you can find all sorts of exotic ways to pick up a house for a bargain (no, not exotic mortgages..those have gone the way of the dodo). If you’re looking to buy a home, you’ll likely find that sellers are willing to give you a numerous number of perks or meet your conditions, so feel free to haggle and take advantage (pun not intended). It’s definitely a buyers market out there, so good for you if you can manage to secure the funding.
We’ve also had a trickle of good news here and there from the headlines as well. Existing home sales actually rose in December, for example, even as prices continue to fall. Bargain hunters are emerging from the wood work (for reasons listed above) and that could mean a bottom in prices in the near future, although I think the past year has proven that very few people have a functional crystal ball, so I won’t go so far as to say I expect a bottom here. If that’s the case, even current homeowners may have small reasons to celebrate in 2009. Besides, things could be worse, right?
Last 3 posts by phillenbrand
- Loan Modification Fix - July 20th, 2009
- Free Home Loan Modification Help For Homeowners - July 10th, 2009
- Would One Mortgage Regulator Work? - May 21st, 2009
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