There’s some good, even surprising news here, along with some not-so-good news. Much depends on you, where you live, your financial situation, your wants and needs. Let’s ask some questions, and come up with some answers.
1) How credit-worthy are you? Should your needs necessarily involve a lending institution; a strong credit score will be essential.
2) How vital is the market? Nationally markets vary widely; ours is relatively strong, with median prices up some 6% over last year during the same period
3) Are you looking for a vacation or ‘bargain’ home? We recently reported that sales for such properties were up significantly in 2011 and – surprisingly- 41% of these sales were all- cash. Assuming you can afford to buy or can show a strong income profile, the investment of a lifetime both – in pleasure and financially – is likely readily available. But be advised: prices here are already up compared to last year during this period.
4) Are you looking for a rental? Whether for a summer vacation or long term, these are in short supply- and rates are up. However, if you can remain flexible, some summer vacation rentals are still available. Stay in close touch with an agent here!
5) I’ve heard that financing is now tougher for most buyers – is this true? Sadly, but understandably, yes. Bank demands have tightened, and buyers will have higher hurdles to get over. It is still worth moving forward in this buyer’s market.
Hope This has been helpful…