| Ask a Realtor, and you will get a resounding, "YES!" | | | | line in the real estate market: if you have a sizable |
| Watch any news network and you will sink into the | | | | down payment and a good credit score, you might get |
| doom and gloom forecasting that will have you | | | | a loan. The pendulum has swung. Lenders have |
| watching every penny you spend. While you should | | | | written themselves into a tight spot, have lost billions of |
| definitely learn to read your local real estate market, it | | | | dollars, and are not willing to take the same risks they |
| is more important that you gain an even better | | | | did just a few years ago. Once-upon-a-time it seemed |
| understanding of your own finances and long term | | | | like anyone with a pulse got a loan. |
| goals. | | | | Today, you have to prove your worthiness. Lenders |
| It is true that we are currently experiencing a buyer's | | | | will be willing to invest in you if you are willing to invest |
| market. There are a lot of deals to be had out there, | | | | in yourself. If prices continue to drop, perhaps this is |
| with foreclosures flooding the market and | | | | time you should take to bulk up your credit score and |
| homeowners desperate to unload some of their | | | | bank account. |
| financial burdens. Prices have fallen, even dramatically | | | | While you are taking this time to empower yourself, |
| in some areas. Merrill Lynch says that home prices will | | | | keep an eye on the market. It is much better to buy |
| fall 15 percent this year, and possibly another 10 | | | | while there is a down-trend than to wait for values to |
| percent in 2009. And with 30 year fixed rates at | | | | begin to climb, as they inevitably will. Interest rates will |
| record lows, why shouldn't everyone be buying? | | | | creep up again. This is the time for you to be proactive |
| It is not only about the economy's health but rather | | | | in a timely fashion. The real winners will be those that |
| about your personal wealth. There is a new bottom | | | | prime themselves by preparing beforehand. |