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