People who already have a home usually need the funds from the closing to secure their next purchase. If a “move-up” buyer wants to buy a home during a depressed market, that means they usually have one to sell themselves. Timing becomes very important and negotiations become more involved so neither party is forced into short-term housing or find themselves in rent-back situation because closing dates couldn’t match up. It’s important to work closely with your Realtor, your lender and be made aware with frequent updates from the other side of the table that things are headed in the right direction, and for a smooth closing. The ideal here is for all the stars to align, for everyone … [Read more...]

You might ask yourself – when is it appropriate to try and “time the market?” The short answer is never. One problem with attempting to time your purchase just right in tandem with economic patterns is that no one can really predict with any degree of accuracy – the future. Many reports get published, predictions are made and some of them can be very close to spot on but the reality is that no one can tell for certain what will happen or when. Another challenge is that interest rates are most often higher during a recession (or depressed) market and household incomes might not be keeping up with the market. For that reason, fewer people can qualify for a home purchase during down times, … [Read more...]