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cheapbag214s · Posted: Wed 23:20, 21 Aug 2013 Post subject: Buying Blunders for 2009-spun5

Buying Blunders for 2009
With cheaper home prices,[link widoczny dla zalogowanych], lower rates on mortgages rising,[link widoczny dla zalogowanych], and big discounts on foreclosures, buyers may have plenty of incentives to get into the real estate market in 2009. But anyone considering purchasing a house next year should proceed with caution. After all, the gloomy outlook for home values, ongoing financial crisis, and potentially historic recession have formulated numerous possible pitfalls. News recently spoke with a few top property professionals and compiled a list of 2009's top 5 home-buying mistakes.
1) Buying for the short term: With home prices in the national level likely to continue declining throughout most of the coming year at least, 2009 will not be a good time to try to turn a quick buck within the real estate market. Many homes that are purchased last year will lose value in the short term. And although they will probably recover that value once the market rebounds, it remains unclear just when home prices will bounce back. "If you aren't thinking about residing in that house in excess of three to five years, I wouldn't buy anything right now," says Richard Green,[link widoczny dla zalogowanych], director from the Lusk Center legitimate Estate in the University of Los angeles. "Nobody knows what will happen to prices over the next few years." So if you're thinking about buying property in 2009, you're best buying a home that you're planning to reside in for a long time, rather than as a short-term investment property.
2) Lacking the knowledge of what's happening in your local market: Although it's easy to get caught up within the gloomy national housing trends, prospective home-buyers ought to be paying more attention to what's going on on the market where they are considering purchasing property. In the end, home values inside your local market might be relocating the direction opposite towards the remaining country. "Individual finance industry is not the nation's market," says Keith Gumbinger of HSH Associates. "[The property market] is tremendously individualized." Prospective home-buyers can acquire a good knowledge of the circumstances in their market by talking to a genuine estate professional, reading the local newspaper's property section, or getting a good housing blog that covers the region.
3) Not scouring for deals: Using the fall in home prices likely to continue for some time, 2009 will be a buyer's market. As such, people considering purchasing a home should realize that they're within the driver's seat and become on the lookout for deals. "It's definitely a buyer's market isn't any doubt about that,[link widoczny dla zalogowanych]," says Mark Hanson,[link widoczny dla zalogowanych], a managing director who handles property and finance research at the Field Check Group. "Look for deals; go in there and low ball; look at foreclosures." But while haggling is good, be careful not to go overboard. Buyers who make insultingly low offers are likely to be considered "bottom feeders" and dismissed by sellers, Gumbinger says.
[See The 7 Biggest Home Price Negotiation Blunders.]
4 ) Investing in a foreclosure simply because it ' s cheap: While foreclosures can offer home-buyers big discounts, such properties sometimes have a great deal of baggage. "A pitfall for 2009 could be purchasing a foreclosure without knowing what you are getting into," Dorkin says. "Because exceptional deal might not be so great if you get inside and also you find out the floors are ripped up and also the walls are destroyed." Prior to deciding to go foreclosed-home shopping,[link widoczny dla zalogowanych], do your homework or contact a real estate professional with experience with such transactions.
[Read The Top 6 Mistakes of Foreclosed-Home Buying.]
5 ) Overly aggressive buying: Even if you've found an ideal property,[link widoczny dla zalogowanych], make sure it is something you can reasonably afford. Many economists expect the recession to become the nastiest in decades, with a few projecting the unemployment rate hitting 9 percent. This means that 2009 won't be a great year to try to stretch your finances. "Just because a lender says you be eligible for a that much of the loan doesn't mean you should buy much of the house,[link widoczny dla zalogowanych], especially if that's 50 % of your take-home pay,[link widoczny dla zalogowanych]," Hanson says. "What happens should you lose your job? We're going into a period of heavier unemployment,[link widoczny dla zalogowanych], so buy conservatively."
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