| This is a question that is being asked in a | | | | intent of selling them, as the market has moved |
| somewhat panicked way across the nation. Over | | | | back into a buyer's market. It also means that |
| past 10 or more years this country had | | | | those who are currently looking for homes have |
| experienced a real estate boom of epic | | | | much more sway and the ability to find homes at |
| proportions. This boom inflated prices and kept | | | | great deals if they are willing to deal with |
| the market in a seller's market for quite some | | | | foreclosures and short sales. |
| time. This also increased the number of homes | | | | This has been a huge surprise for buyers in this |
| and condos being developed and there was an | | | | country as they have not been used to having |
| incredible supply and a matching demand. This also | | | | this much sway in the market. There really has |
| made it more difficult for some people to get into | | | | not been a better time for buyers to get into the |
| a home as rising prices kept some people out of | | | | home market. However, today's buyers should |
| the market. This also caused what is now being | | | | take example from the buyers of the past years |
| referred to as the sub-prime lending crisis. So | | | | and learn a few lessons from what has transpired |
| many people chose to take out 100% financing or | | | | over the long stretch of seller's markets. |
| high-interest loans to be able to purchase a home | | | | Sub-prime lending is really not the way to go. |
| and when those mortgages could not be paid it | | | | Standard mortgage loans are really the preferable |
| led to an all-time high in foreclosures. | | | | choice. If you cannot get a standard mortgage |
| What does all this mean? Well, that is not exactly | | | | loan yet then take the time to correct your credit |
| a short answer. As we have seen there is a slow | | | | and finances. Don't try to jump into a purchase |
| down happening on a national real estate level. | | | | they you may not be able to pay for in the long |
| Certain areas are still showing good growth but | | | | run. There are some real lessons to be learned |
| the major markets that had exploded in past | | | | from the recent history of the real estate |
| years are definitely seeing a reduced interest. This | | | | market. Be sure to learn them before launching a |
| is a cause of concern for sellers and investors | | | | home purchase. |
| that have purchased numerous homes with the | | | | |