We've heard so much about the stock market and the real estate market that we don't know if we should buy a house or not. Give us one good reason why we should take the plunge!
Ask Dolly Lenz, the most successful real estate agent in America. The other day, on a down-day in the stock market, she was interviewed on Fox Business.
First, she said that in most areas of the country, the real estate market is recovering. That means homes are probably priced about as low as they will be.
When asked who should be buying a house right now, she said it should be someone with a stable job that pays enough to afford the monthly mortgage payment. And that person would probably be someone who has been waiting for the right time to buy.
I could have told you that myself, but now you have the same advice from one of the foremost experts in America.
Lenz usually sells to a Hollywood star, a billionaire or a foreign dignitary. One of her sales in 2005was the Burnt Point mansion in Wainscott, New York. It sold for $45 million.
Looking for a short sale?
Right now, some attractive properties could qualify for a short sale. That means the lender agrees to sell the property for less than the amount owed on the mortgage.
The lender in these cases decides that it's better to make the short sale than to foreclose on the home, which would cost the bank or mortgage company more money in the long run.
The buyer doesn't have to feel sorry for the people who can't maintain the mortgage, because the short sale rescues them from foreclosure.
Obviously, it's a more complicated process than simply taking out a mortgage, but if you have the time and patience, the short sale could work out well for you.
And it is a good decision for both the lender and the seller.
If you're interested, I can start looking for properties that would interest you and that could be considered for a short sale.