Eagle,
For the "Good" homebuyer times could be great for you. If anything this will make your mortgage decision easier, there wont be 8 pages of programs to choose from, only 2 pages now. The Real Estate market is going to slow dramatically next year (National Assoc. of Realtors expects 25% less sales) and what is already a strong Buyer's market will become more so. You will not have to compete against other Buyer's looking beyond their means and if you can put down more than 5% and have good credit there are still plenty of great loans out there. Home sellers often need at least 6 months to realize the market has changed and need to offer more realistic prices for their homes.
Many in the industry still expect quite a few MAJOR lenders will be insolvent after the first qtr. next year so choose you're lender well and consider locking in your interest rate. Always keep in mind the long term and choose your next home with location in mind. There are still sub-markets that will appreciate in almost any area.
All this advice may or may not help if you live in Las Vegas, Arizona or any of the other "Bubble" markets.
Lanyard
Licensed Real Estate Broker in Colorado
Equal Housing Opportunity
Quote:
Originally Posted by Eagle5US
OK...So, I am a potential home buyer planning on purchasing a home between April and Jun of 2008.
Other than significantly complicating my mortgage experience...what does this mean for those of us who are responsible with our money and actually honor our word when we sign our name to a promissory note?
Eagle
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