Even slight increases in the 30 year mortgage interest rate may affect how home buyers perceive the market. Worse still, with budget belts so tight, even a few points can mean the difference between affordability and impossibility. Have we seen the last of super low interest rates? Some experts believe banks simply have to increase rates to survive.
Where the Best Foreclosures Roam
It is no secret that investors can gain windfalls by buying some foreclosed properties. A recent study shows clear advantages to buying forclosures in some cities too. Where price is the determining factor, clearly some places are better than others. But depressed markets have their down side too. Forbes’ list of cities most likely to drop prices again this year reveals at least cost advantages if the investor does his or her homework.
Lease Options to the Rescue
When sellers give up hope of ever getting their money out of a property, getting them to list a property can be almost impossible. The same is true for marginal buyers who cannot pass stringent credit or down payment stipulations. A lease option agreement is one possible way for the two ends to meet. Putting buyer and seller into a lease option is another task a qualified Realtor can excel at.