3 Tips for Buying a House in a Market Crisis

Published by joel | Filed under Buyer / Seller Tips, Miscellaneous, Real Estate, Shout Outs

Many people are worried about buying a house. People are scared that the economy is going to plunge and stocks will fall and we will go into a depression STOP, people need to understand that our economy is not doomed and this is the perfect time to buy real estate. It’s a buyers market; people are so scared that there house is not going to sell that they will take extremely low prices just to get rid of the house. Many sellers are actually being financially hurt because they can’t get rid of there old home. So as a surge of properties hit the market everything gets more competitive, the buyers get great deals. So here are some helpful tips so you can get a great house in this market.

One tip you need to know is to shop around. In today’s market there are great deals around every corner. Make sure you check the price listed at in 2004 to make sure you are getting at least a 20% better price, there are even unconfirmed reports of houses starting to go for up to 40% of the asking price in 2004. Expand your buying area, instead of choosing to buy a house in only one school district be logical, most school districts take kids from other cities so instead of moving to the best school district, open up the possibility of moving to a different city near by that school district and just driving your child to school this opens the possibility of cheaper prices, remember house prices can be very different from city to city.

The second tip is to buy foreclosed property, with the recent surge of foreclosed property banks are getting huge numbers of properties that can usually be won at auction for very good prices. A nice size house can go for a great price at auction. You should get a real estate agent that specializes in foreclosed property to help you find a good price because, banks hire real estate agents to sell there foreclosed properties when they get a large number of them.

The third tip is do your research, with all the fraud going around in this knew age check foreclosed houses for back taxes owed to the government. You need to make sure you do this before signing anything because once you buy the house you’re legally obligated to pay the property taxes.

So with all that’s going on in the economy remember this is a buyers market and you are going to get prices that you couldn’t have gotten 3 years ago. So make sure you look for the best deal and always try to get a lower price than the asking price. So BUY BUY BUY!