2008 Could Once Again Be A Buyer’s Market
The real estate market for 2007 saw soaring inventories of existing and new homes for sale, a record number of foreclosures, and the strongest buyers’ market in a decade. Although sellers weren’t always happy, buyers found builders who were more than willing to deal on price and upgrades. Investors who tried to unload their properties often found no takers, leading to the largest number of vacant homes on the market since the number has been tracked.
The good news for buyers is that 2008 looks to be much of the same. That means deals are out there and can be made on favorable terms but only for those that follow some simple principles of real estate buying. First, make sure your credit picture is in order. Order a credit report, examine it for inconsistencies, clean up any less that perfect hits.
Decide just how much you can spend on a home, condo or investment property. Lay out a budget, including all the expenditures you normally encounter during the year. Don’t forget to allow a monthly amount for building an “emergency” fund, equal to three times your normal monthly income.
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