Window Shopper

Have you noticed that the housing market is in a huge slump? That’s because there are too many homes for sale and not enough buyers. Why? For one thing, it’s a good deal harder to get a home loan now. For another, a lot of the people trying to sell have those goofy mortgages that have flexible payments and interest rates. Not good. Those were great when the interest rate was bottoming out. However, now a days, the rate goes up and down and it’s tough on the home owners who have those loans because it can vary what they have to pay.

I have a real problem with the real estate market right now because we had planned to buy a house of our own in the near future. Now it looks like that might not happen. We have medical bills that, while they are getting paid little by little, there is a hospital that does not like the amount we must pay right now. So, they turned us into the credit leeches. That can mess our credit standing up and we could have problems buying a house. Sigh. I hate that.

Times like this are not going to come back once they go away. It is totally a buyers market when it comes to housing. Prices on houses are going down, down, down. So, it would seem to be a great time to buy one, right? Not so fast. Prices all over the country are still falling. If you jump in with both feet now, you may find that you have a house worth less than when you bought it. OUCH! Especially if this is your first home, not good. And getting the financing is going to be harder right now too. If you were counting on that great loan, uh maybe not. Lenders are much more strict about things right now. Sounds nuts, right? Buyers all over the place. Start lending. But they have already been bit by the falling rates bug.

For those who are wanting to refinance, things aren’t so good either. When you got that loan it was one of those teaser rate loans. Now, if you want to refinance, it will cost you more. Fees, fees and fees. And getting that refinance loan will be much tougher for you too. Difficult deal all around.

I don’t know. Maybe it’s time to stay put, try to work it out on the current loan, get a few breaks and wait it out. That is NOT advice from someone who knows anything about this.