Should I Buy a Home in 2010 Or Not? Some Solid Tips For Buying a Home in 2010 and Beyond

Should i buy a house in 2010 or wait till later? This is a question that many Realtors and even mortgage brokers are currently hearing from clients that are still unsure about the state of the current housing market and if they should buy or not. This article will give you some brief information that Will help you make up your mind about buying a house in 2010.

Are Prices As Low as They Will Get

In many areas of the country prices on new and existing homes have fallen 20-60%. Most of this drop has happened over the last 12-18 months and currently many areas have noticed slowing in price drops and even a slight increase in value. Most experts think that for the most part values have hit bottom or are very near, so by waiting you may or may not get a better deal then you can get now.

When Will Prices Start To Increase

The goal of most people right now is to scoop up a deal at the bottom of the bubble so they can start to gain equity in the property as prices come back up. Many people feel that some areas are already on the upswing, but the data is usually sketchy and more speculation based of the current hosing data. Certain ares like the west and east coast are still hard hit and many of the better ares are in the midwest and upper south.

Can I Still Get Financing?

While it is true getting approved for a new home mortgage is harder then it was just a few years ago it is not impossible. Although keep in mind that you are going to need to have a down payment and also good credit scores. You will also need to provide a little more information then you used to be required to as lenders are tending to verify every little detail.

Common Problems With Home Loans

About the only problem potential home buyers have been having with getting approved for financing is not with the loan approval but with the values the lenders will accept. The problem is that many lenders are ordering desk reviews of appraisals to verify property values, many of those reviews are coming back with a reduced value.

By: Andrea D Johnson