The housing implosion is nowhere near over. In 75 of the 100 top U.S. cities, prices are expected to fall in the next 12 months according to Fiserv Lending Solutions, as reported in money.cnn.com. Before you bury your head and become too despondent think about it like this; the housing market is dropping, but it was way too high during the bubble. What we are really seeing may be a correction in the real estate market. Sadly, that doesn’t help the thousands of people who were duped into taking creative home loans, but for those of you who have been biding your time and waiting for real estate to come back down to a reasonable level, this could actually be good news. However, if you are a homeowner who is experiencing a drop in the value of your real estate because of a lot of foreclosures in your area, you may want to consult a real estate appraiser, in order to asses the current value of your home.
Homeowners who bought real estate hoping to turn it for a quick profit may now have to look at the homes they purchased as a long-term investment. Why not consider renting it out? This option generates you continues income and could cover the cost of your mortgage, or at least help ease the burden. Another option is to refinance. Now this one is tricky, because there are usually costs involved with this, so you want to ensure you are dealing with a reputable lender and get yourself an experienced real estate appraiser who will make sure your home gets appraised for its fair market value. And for all you potential buyers out there, make sure your credit is in order.
We are inching our way into a buyer’s market, but mortgage companies are raising the standards as far as giving home loans is concerned. This means no more getting a loan with no money down, or a low FICO score. But if you are looking to buy real estate, and you have good credit, this is an excellent time to start looking. But in order to protect yourself from getting a raw deal, you want a real estate agent on your side who will help you negotiate and a real estate appraiser who will ensure you are paying an amount that is in line with the housing market in your area.
Visit us at www.iappraiseforyou.com to set up your appraisal request today.