Mortgage Crisis Does Not Imply You Shouldn’t Buy or Sell

Jan 15th, 2008 @ 1:43 PM by MortgageMentor

I had an interesting email from the National Association of Realtors the other day. It reminded me that “all real estate is local.” This is a point that all homeowners need to keep in mind. With the current market in turbulence, nobody is really sure what to do.

The fact is that every market is unique, so don’t depend on national trends to make your own decisions. There are still houses being sold—sales are just slower than before.

Sellers

If you are interested in selling your home, you won’t find the jumping “hot” market that existed a couple of years ago. However, as long as you remember to price it carefully, you should still be able to realize a sale in the foreseeable future. Be sure that the price you choose is at or below that of competing homes. If you spend the bulk of your time researching this to learn how your house price compares to the others, you will get buyers, and possibly even get more money for your house if they decide to bid competitively.
Buyers

If you are a buyer, you probably think more about your monthly payment than the overall price. Therefore, if you can find a seller who will pay closing costs or points, you can meet what the seller considers “his price” yet actually lower your own monthly payment. Sellers are eager to do this, because it means they get the sale. For you as a buyer, you might save thousands over the life of your loan.