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What is the current situation, in the housing market at the moment is it better to buy or to sell? And what is the best mortgage, deal at the moment?
Currently, it's a "buyer's market" in most real estate areas around the country. Why? there are many reasons, but the most important is the high unemployment. This is a good time to be a "cash" buyer.
Mortgage rates and conditions change daily, so you have to shop around. Rates are historically low, which is great for those who can afford and qualify for a mortgage.
But if you depend on selling your home before you can buy your next home...it will be tough, unless your home is in a desirable area and the one you want to buy is in an undiserable area :confused:
great time to sell if you need a huge tax deduction....
Buying is good but the huge bundle of foreclosures that the banks are holding makes me wonder if waiting until this hit is past not looming in the market...
I know of nowhere that is a good place to be selling right now though there are always better and worse places. Now is definitely the time to buy provided you can afford it and especially if you can get a mortgage- those are nothing like they were a few years back. Even if you were well qualified then, you may not be now! The market is there though, and it is cut-throat on pricing as too many people want out of their financial mistake of buying more home than they could really afford. You can buy a rough 3BR fixer-upper in a poor but decent neighborhood here in upstate SC for under $20K, put sweat and $20K more in it and end up with a $60-80K home- but you can't get a mortgage to do that with That's the sad part of the whole mess we're in.
Talk with your mortgage bankers in the local area, check with Credit Unions and banks.
Look at ads and compare them to your property appraiser's valuation - then subtract 20-30% for real valuation.
Prices are starting to creep up. Even though there's a "shadow inventory" of foreclosed houses, there is plenty of cash investors out there who will provide a steady stream of purchasers, which will drive overall prices even higher. There is also pent-up demand from first time buyers entering the market.
The average house appreciated about 1-1.5% per year before the housing boom. Valuations are actually LOWER then if the boom didn't even exist. In other words, houses are valued lower then 2001 values.
This is a great time to buy with low values and rate. Only YOU can determine if it's the right time to sell.