Can You Buy a Home In Today's Real Estate Market?
The Real Estate Market Is Changing the Way Homes are Bought and Sold
A few short years ago the real estate market was pretty much cut and dry. If you wanted a home you went out and made an offer, applied for a mortgage and generally got what you wanted barring any serious credit problems. Nowadays, thanks to the foreclosure crisis and the downward value trend, it's not so easy to buy a home the traditional way. Are you better off renting? Maybe not. Here are a few things to consider...
It's Still the American Dream
Homeownership, even in today's real estate market, is still the American dream. You want your monthly housing payments to go towards equity in a property you can call your own. You don't want to spend thousands each year lining the pocket of your real estate agent.
But how do you buy a home in today's real estate market if you can't qualify for a traditional mortgage? Believe it or not, the foreclosure market does have a silver lining.
Rent to Own or Lease with Purchase Option
There are creative ways to buy a home and more sellers are offering these deals to avoid foreclosure. If you're thinking about renting a home, try finding a rental that has a purchase option or, better yet, try to find a home with owner financing.
If you can find a rent to own or owner financing option, you can forgo the stringent requirements that the mortgage companies are starting to put into place. Just make sure you get everything in writing and that you have an attorney look over your paperwork. As these deals become increasingly common and increasingly sought after, more and more con men are trying to take advantage of the situation.
The Bottom Line
What it comes down to is this... You can still buy a home without perfect credit in today's real estate market, but you have to be creative to do it. Just make sure you approach it soundly and do your research and due diligence and you should be able to come out ahead.