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Buying Real Estate in 2008

Although the champagne at the bottom offall, the time has come. Reliable and
the bottle is still chilled from a warmrelatively risk-free fixed rate
celebration of the New Year, we canmortgages are still available at
confidently predict that 2008 will behistorically cheap interest rates. A
another lukewarm year in terms of realwide range of houses, condos, rental
estate. Recent data shows that homeproperties, and urban lofts are
sales have declined to record lowavailable at wholesale prices. This
territory, sinking year-to-year moremakes 2008 the year that will be
than we have seen in over a decade and aremembered for its generosity toward
half.those trying to buy a great home at a
Meanwhile mortgage troubles have spreadfabulous price.
like a virus, impacting everything from• The Time to Strike is While the Iron
jumbo mortgages and home equity loans tois Cold, not Hot
consumer lending rules and credit cardTo strike up a deal when the market is
rates. For those trying to sell a home,cold, bearish, and dead as a doornail is
2007 was a constant uphill battle. Oneto buy at the bottom with the potential
major problem was that there was enoughto enjoy strong gains in equity over the
excess inventory to supply thecoming years. While 2007 represented an
forward-reaching needs of the USAunprecedented buyer's market, the winter
housing market for an entire year.months following 2007 into 2008 only
Another was that borrowers were deniedenhance the power of buyers to negotiate
loans by overly cautious mortgagea fantastic purchase. Historically
companies and banks. Even when buyersspeaking, the winter months are the off
were ready to purchase they could notseason in the real estate business, as
seem to come up with the necessarybuyers hunker down to stay indoors and
funds.keep warm. After the sun comes out in
So if you made a 2008 resolution to shopspringtime and the flowers brighten up
for real estate, here are some points tothe yards of homes for sale, buyers once
consider in order to help make your homeagain find themselves competing with
buying endeavor a successful one:other eager shoppers who have been
• Credit is Super Importantchamping at the bit to get out and buy a
If you have great credit, lenders wantnew home.
to lend you money because they areThose who wait to shop until the
reluctant to lend to almost everyonedoldrums of winter, however, have a
else. If you don't have great credit,distinct advantage. Sellers are eager to
take time to study your credit report,unload properties that are more
correct errors and omissions, andexpensive to heat and maintain in
bolster your rating before you approachwinter, but buyers are nowhere to be
a lender for a new mortgage. Thefound. Show up on a seller's doorstep
stronger your credit, the better yourwith prior loan approval and a purchase
chances of buying a home at anoffer and you are liable to snag the
exceptional price.deal of a lifetime.
• Documentation has DoubledFor those who are in the market for a
To verify your income now requires extrahome in 2008 is that the year will
paperwork, because lenders havelikely be both generous and stingy.
tightened underwriting rules. To avoidBargains galore are on the market at
delays when applying for a loan, it is afire sale prices, in virtually every
good idea to organize documents ahead ofneighborhood in the entire country. On
time. Ask your lender what is required,the other hand, money is scarce as hen's
and begin filling a file with theteeth and lenders are still trying to
appropriate papers so you can do thisfigure out ways to tighten the purse
tedious task at a leisurely pace.strings and avoid defaults,
• 2008 Represents a Rare Buyingforeclosures, and deeper losses to
Opportunitythemselves and their precious investors.
Those house hunters who prepareThe bottom line is this: Plan ahead for
themselves before the shopping spreebuying real estate in the coming months
begins - by taking strategic steps to- especially in terms of your mortgage
ensure a smooth mortgage applicationfinancing - and you can take advantage
process - will be in a position to reapof a variety of economic factors that
unprecedented rewards. As the sayingwill work in your favor.
goes, "cash is King during a recession".Also set aside any bubbly left from New
And although the USA may not be in anYear's. You may want to use it to
official economic recession yet, thecelebrate the purchase of your dream
housing market certainly is. For thosehome at a dreamy 2008 price.
who have been waiting for prices to



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