The Benefits of Buying Real Estate in Today’s Economy

Although the economy is in a upheaval, opportunities are available as well. Mortgage rates are at an all-time low and the large number of foreclosures creates a lot of opportunities to buy a home or business at an exceptionally good price. Every where one looks there are homes that are foreclosed or being auctioned off. These are homes that were once the property of a proud home owner and are now being cast off by the banks and lending institutions as burdens. There is oftentimes nothing wrong with the homes, but because the payments could not be made, the home is up for sale at a depressed price. This can create an opportunity for those who can afford to make the payments and are able to obtain financing.

While it has been difficult to get a large mortgage, those individuals who can afford to get a mortgage by having a large down payment and good credit rating have a good chance at it. Recent changes by the Obama Administration should make it easier to obtain a mortgage. Housing values in most parts of the country are decreasing, making it conceivable to get a home that is worth much more than the sale price. This can lead to a very good investment if one is looking to stay on in the house for a longer period. The housing values should shift within the next couple years, and those houses that were priced less and still had difficulty being sold will be able to be priced higher and still sell quickly. In a few years, the housing market should be good for sellers again, just as this market is good for buyers.

Foreclosures can also lead to great investment opportunities. Many foreclosures are in neighborhoods that are less than desirable and the houses themselves may not have been kept in top shape, there are also many gems in the foreclosed market. These are families that merely got in over their heads and lost their homes due to adjustable rates or other problems. By having the house inspected, one can avoid any damage that the houses took while going towards foreclosure and one can get a great foreclosed house.

A great place to begin looking for a real estate bargain is Prime Real Estate Bargains. The site lists residential and commercial real estate, and land in all 50 states.

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