Real Estate is still the best investment for most

I imagine that by now you have heard enough talk about the economy going to hell in a hand basket, and the last thing you wanted to get was another lecture from a Realtor. Well, I don't blame you one bit!

Who hasn't heard that the real estate market has softened a lot? What really matters though, is where and how much. We also learned that lenders are making loans only to very qualified buyers. That is really not the case, and besides it's not a bad thing either. Banks are looking more closely at the home buyer's ability to pay back the loan. The FHA, along with some New York State housing agencies are making funds available to first time home buyers, Veterans, low income and others. Money from the Feds is being inserted into the mortgage industry right now, and Realtors are hearing from lenders that mortgage money is coming available again. This was not the case over recent months, as hardly any loans were made, even to qualified buyers. 

Right now noble plans to fix the economy are being put into action, such as the capacity for banks to lend mortgage money. As banks begin to relax some of the lending qualifications to credit worthy home buyers, others will provide loans to lesser qualified buyers who must now survive a beginning to end underwriting process. This issue alone had a direct effect on the number of buyers qualified to purchase homes in the second half of 2008. We will begin the year with new leadership in the country, and hopefully a whole new direction in the housing sector.

I believe the housing market will change for the better as level headed decisions are made, and stronger safeguards are put into place. It's a real priority now in this country, and everyone's watching. By keeping mortgage interest rates low, we will see a better housing market and a more stabilized economy. Sellers, who experienced no sale in this slow market, may soon have better luck. I equate the current economy mess to the Titanic disaster. Now that we know what an iceberg can do, let's not hit one, again.

Sellers and buyers are anxious right now, with some putting off plans, and others who will continue with their plans because it's what they need to do.  

If the government can get most of this squared away, then maybe the real estate industry can do their part and start putting more people into homes. I know that I am looking forward to a better year!

So if you require real estate assistance, or have any questions and would like to get in touch with me, you can e-mail me at: john@viprealestate.net.

My direct number is 347-712-2190, and my office phone number is: 718-967-26004 Ext:304.