I am sure everyone reading this article is aware about the downturn in the real estate market. Many so called experts are trying to point the finger at banks for questionable lending practices, real estate agents, and mortgage brokers. Rather than point blame I would like to discuss what I see as an opportunity.

We have seen a tremendous rise in property values over the past six years. A house would go on the market and there would be several offers to purchase within two weeks. Buyers were afraid that they would miss a good opportunity. Many people who bought over ten years ago were trading up to more expensive homes using equity from the sale of their existing homes. Investors were scooping up homes and were flipping for large profits. Markets do not go up forever. When markets go down they sometimes drop faster and harder than when they rose. The drop we are seeing has been increased by lenders firming up their lending practices.

We are now in a buyers market. Travel to any neighborhood and you will see multiple for sale signs. Foreclosures are on the rise. It is more difficult to refinance existing homes. Homebuilders across the nation are lowering prices, and giving buyers many upgrades at no additional cost. It is impossible to pick the bottom of the market. I am sure everyone will agree that now is a better time to buy a property than it was last year. There are many mortgage programs available to help people realize the dream of owning a home. Please feel free to contact me at the e-mail address included in this article for further details.
 

- David Finkel