So, you missed out on the home buyer’s tax credit. I guess you should pack it in and give up the idea of buying a home, right? Well, if buying a home is still your goal, then I have good news. Right now is a great time to continue your search. Sellers recognize that buyers are in need of help with their closing costs and they are willing to negotiate and contribute towards your purchase. Housing prices, which were tumbling downward, have slowed slightly. Why is this good for buyers? Well, don’t you want the house you’re about to buy to retain the majority of its value after you take ownership?

Banks are now beginning to free up some of the inventory they have accumulated over the past 24 months through foreclosures. These properties are usually in need of repair and can be had at lower than market values. This is a great opportunity for investors to get homes that need improvements, but are priced to sell quickly. This creates positive activity for everyone. The bank sells a home that is costing them to continue to carry, the investor has an opportunity to sell a home for a profit after improvements are made, lenders have the opportunity to provide a mortgage for the investor, and a buyer has the opportunity to purchase a home which has been repaired/improved.

Another aspect of the current real estate market is short sales. In the past, buyers have really avoided purchasing a property that is a disclosed short sale. Banks were slow to respond and really didn’t help in the sale process on their own mortgaged properties. This is a different day! More recently, banks are processing short sale contracts more rapidly and are more willing to negotiate and approve sales in a timely manner. Short sales have come a long way, but don’t get me wrong, there is still plenty of room for improvement. Having and experienced agent who knows the ins and outs of a banks sale, short sale or distressed property transaction is still you best insurance policy to have a successful sale!