It appears that the housing market has found the bottom and may now be turning around and beginning a long trek up again. This is good news for buyers. Sellers will have to wait a while longer for positive results.
House prices are low and inventory is plentiful. That spells ‘opportunity’ for would-be home buyers. House shopping has never been more fun, and interesting. You will probably find some interesting and exotic places for sale that you might not otherwise be able to afford.
In addition to the low prices, there are still some incentives that can be found for purchasing a house. Some of these come from builders and others from realtors. These are not small things either, like a blender or toaster.
Some incentives that you might find could include: no closing costs, no payments for six months (!), upgraded appliances, free professional landscaping, big screen TVs, gift certificates worth thousands of dollars, new cabinets and countertops, price cuts of around 5% and more on new houses, and finally, lower interest rates.
Even if you are just buying from an owner, you can find some enticements there as well. One couple included a round-trip airfare for a European vacation. And another offered a Lexus vehicle with the purchase of their home.
The bottom line is that you stand to get a great deal on a house and maybe a lot more. But the usual caveats apply in that you need to check out everything thoroughly before you sign the mortgage papers. And, there is one bit of advice that you absolutely must NOT avoid and that is to get everything in writing. Especially when dealing with owners who are selling their own home apart from a realtor.
You are probably excited about the possibility of being able to get more house for less money, but do not check your budget at the door. Make sure that your house payments do not exceed 30% of your income. This is no time to be getting in over your head on payments.
In summary, look around and find a house that you like that is in your price range. And, then given the current market conditions, you might be surprised to find something even nicer. And it might come with some really nice perks as well.
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