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Buying a home

Housing: On the Rocks, With a Twist

I think the most dramatic stories of 2007 had to do with housing; it makes me wonder how many babies' first words were "mortgage crisis"! Seriously though, the scattered pieces from last year's mortgage meltdown will continue to be picked up in 2008 and it's going to be tricky. Foreclosures will continue for millions of people and the government is trying to deal with the mess, but where does that leave anyone who's in the market for a new home?
The Washington Post developed a list of tips to help home buyers this year. I've broken it down below.

  • Like Smokey's mama told him, "You better shop around." For your mortgage, that is.
  • Don't just skim through legal documents. You need to read and understand them.
  • Proceed with caution if you're trying to buy a home that has undergone foreclosure.
  • If you're buying a brand new home, have your builder sign on a firm settlement date.

Will you be shopping for a new home this year?

Source

Join The Conversation
DixieBelle6 DixieBelle6 9 years
Great tips! I can't wait to close on my house next month!
PeachyKeen19 PeachyKeen19 9 years
This is really great and organized info. It's very helpful.
sundrops sundrops 9 years
Hope so!
SkinnyMarie SkinnyMarie 9 years
I'm pretty sure we will still go through with the process. The problem with a recession is my job. While my fiance job security is set for life, but for me it isn't. But housing prices are so good in Pittsburgh that its impossible to resist.
I-LOVE-JAKE-G I-LOVE-JAKE-G 9 years
Trying right now to buy our first home in Florida! What a debachal!
bluesarahlou bluesarahlou 9 years
I'm in the home buying process right now....its a good time to get in if you can :)
popgoestheworld popgoestheworld 9 years
I'm renting now, but if the market keeps going like it's going, I'll seriously consider buying. Low rates and depressed prices? Sign me up.
Lovely_1 Lovely_1 9 years
These are some very helpful tips :)
chancleta chancleta 9 years
it's on the rocks for sure but i'm keeping my eyes peeled it's sad to be a sealer these days but not too bad to be a buyer
LizL LizL 9 years
Actually Skinny Marie, we went from an Apartment to a house...and we got the best end of the deal. If you are going from renting to buying, and don't get an ARM, you will make out great!! We bought our house this year, went from renting to buying and got a great deal because the former owners had to sell due to an ARM. Bad for them, good for us!!
gigill gigill 9 years
Nope, but good tips.
SkinnyMarie SkinnyMarie 9 years
We were planning on buying a home this year after we get married. Who knows now.
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