Whether you are looking to buy, hoping to sell or can no longer afford the adjustable mortgage rate on your home, the real estate market may look like a scary place these days. Jean talks with Barbara Corcoran, real estate contributor for the Today
show, about advice for those affected by the current housing market.
For those interested in buying a home:
For those who can no longer afford their ARMs:
- 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.
For those who want to sell their home:
- 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.