Fear and the Housing Market
For those interested in buying a home:
- Get help from a trusted broker.
- Shop online and determine the worth of the home you want to buy.
- Get prequalified and preapproved for financing. Barbara says a seller may be more likely to cut you a deal if they know you have the financing in hand.
- If you are a first-time buyer, hold-off. Barbara says irrational fear in the market makes it especially difficult for new buyers to get a good deal on a mortgage.
- Refinance your mortgage.
- If you are late on payments call the bank and ask them to work out a plan with you.
- Rent your house and move into a smaller rental you can afford.
- Price your home 15 percent below the three lowest priced homes in your market.
- Have a four-hour sale to create a rush of buyers and generate a bidding war.