Is This a Good Time to Buy Real Estate?

Every real estate agent that you speak to will give you the same answer, “Yes!” The reason is simple; prices are going down because nobody can afford them. However, people can afford them if they have the money or know where to get the money.

The news will give you nothing but doom and gloom forecasts for our economy. Yet, if you have a good understanding of your own finances and long-term goals, you could survive a bad economy. It is true; it is now a real estate buyers market. There are many deals available because of foreclosures and homeowners that want to get rid of a financial burden.

According to Merrill Lynch, housing prices could fall another 10% in 2009. Not only that, 30 year fixed rate loans are at record lows. In some areas, prices have not fallen much, but in other areas, they have fallen drastically. So why are not more people buying North Georgia real estate?

It is not just the economy that is the problem, it is how much money people have or make. Now it depends on the size of your down payment and credit score. Even then, you may not get the loan. Because lenders have lost billions of dollars they are not willing to take the same risks they did a few years ago.

If you really want that North Georgia property, you can increase your chances by bulking up your credit score and bank account. If you show lenders that you are willing to invest in yourself, they may be willing to invest in you.

Keep an eye on the market and those North Georgia homes you are interested in while you are working on your credit score and your down payment. Remember, you are working to buy that Georgia national forest real estate before values begin to climb and they will. The interest rates will also start to creep back up again. Follow the old Boy Scout motto, ‘Be Prepared’, and you will be a winner in the real estate game.

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