These past few years have been extremely hard for everyone, whether young or old, rich or poor. The stock market crash set our country and the rest of the world into a downward spiral where employment levels quickly skyrocketed. Retirement funds were depleted within months, and millions of houses were foreclosed on. This left the U.S. in a position some related to the Depression of the 1930’s.
What this created this year though were ten’s of thousands of houses that are available for immediate purchase at very low rates. If you are a first time buyer or a renter who doesn’t need to sell a house, you are in a buyers’ market, and it’s generally for all who want in. Many people have found real treasures in low mortgages, as a result of this recession.
Houses that are foreclosed can be purchased for rock bottom prices. Great deals are available with bank short sales and even private owners who do not want their mortgage any longer. The situation is unfortunate for so many, but if you are in the right position at this time in our history, real estate is your best investment and there is plenty of opportunity out there.
Most major realtors will be able to provide you with a current list of foreclosed homes. By going online you can also search for foreclosed real estate properties and short sales from certain banks.
This year is definitely the best year to stop renting and buy your own home!