I've been looking at the housing market lately from a different
perspective -- that of a hopeful buyer. I can tell you, despite
whatever exhortations are coming out of Washington, it's going to
be a long time before this market recovers.
You'd think we would be great buyer material. In the town we live in, just 12 miles north of the George Washington Bridge, practically every third house is for sale, some on the market for two or three years. One place we looked at sold for $1 million seven years ago. They're now asking $500,000 with no takers. As the real estate agents keep telling us, "You couldn't find a better time to buy."
With the proceeds of a house sold a month before the 2008 crash, we're also in position to make a sizable down payment. Interest rates are hitting new lows every month. What could be more to our advantage?
Well, first there's something called a "short sale." You may not know the term, but it's enough to strike fear into the heart of any real estate agent.
Read more: http://spectator.org/archives/2012/07/12/dont-count-on-a-housing-reboun
You'd think we would be great buyer material. In the town we live in, just 12 miles north of the George Washington Bridge, practically every third house is for sale, some on the market for two or three years. One place we looked at sold for $1 million seven years ago. They're now asking $500,000 with no takers. As the real estate agents keep telling us, "You couldn't find a better time to buy."
With the proceeds of a house sold a month before the 2008 crash, we're also in position to make a sizable down payment. Interest rates are hitting new lows every month. What could be more to our advantage?
Well, first there's something called a "short sale." You may not know the term, but it's enough to strike fear into the heart of any real estate agent.
Read more: http://spectator.org/archives/2012/07/12/dont-count-on-a-housing-reboun
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