Home Buying In Today’s Soft Market
Some buyers perceive this slow market as an opportunity to secure a bargain priced home. The inventory of unsold listings continues to grow giving buyers more choice than is the case in a hot seller’s market when listings sell quickly. In a high-inventory market, there are usually fewer multiple offers so buyers can cut a better deal with the seller. However, it pays to be careful about what property is bought and how it is financed.
Buyers, particularly those that have never before owned a home need to give careful consideration about financing the purchase. If at all possible, stay away from mortgages that have short due dates and balloon payments. If the market stays soft for longer than anticipated, a mortgage holder doesn’t want to be caught having to refinance at a time when the property might not appraise for the price needed to complete the transaction.
search for : bargain priced home, mortgage, balloon payment
