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The real estate business has been on a downturn for the past few years. No one wanted to buy property because they had no money and no one was willing to give credit. Real estate agents and owners had to work hard to make a decent sale. But this year will see a marked improvement. In spite of the economic crisis, 2009 is most likely to be a great year to buy real estate. The government is doing its best to stimulate the economy, so interest rates and housing prices are low. It is likely that by mid-year, it will be the best time to buy real estate.
When you wish to buy real estate now, there are two important criteria to be fulfilled. First, you should have a steady job that you kept for at least a year or two before taking the plunge. Also, you need to have your finances and credit issues in place. It is time to start indulging in healthy buying and borrowing habits if you want to buy real estate this year and make a viable investment.
This coming year will provide you with millions of opportunities and options in buying real estate. It will, in fact, bring you back to reality and force you to adjust your lifestyle. The economic crisis might even end up being a positive element in your life in this regard. So why is this a great year to buy real estate?
Here is why:
· Buyer’s market - There is an increase in standards of lending loans and down payment requisites, so there will be fewer people that will qualify to take a loan. The number of houses on the market is lesser, as homes in foreclosure in some areas are increasing, along with the marketing time for listings.
· Higher renters and rent rates - People do not have enough money to buy their own homes, so most people will switch to living in rented houses. Home owners, who had to face bankruptcy or foreclosure due to their inability to make payments on time, will not be able to afford their own homes without sub-prime loans. Many people who fall below the stated income level or are self-employed also will not be able to buy homes. As a result, rent rates everywhere will go up, which will support and increase the value of property. It is a good idea to take advantage of this situation and buy real estate now, because it will most probably last for at least the next 5 to 7 years.
· Housing stabilization - Even though the strength of real estate markets everywhere varies a lot, many markets are getting steadier and more stable. Sales are increasing slowly and inventory is decreasing, as the prices of daily goods falls. Value of property goes up with low inventories and higher rent rates. A housing bottom such as this is significant, as it will improve the market as it brings prices down further, making it easier for you to buy real estate. The entire economy will benefit from this cycle.
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