Many buyers and sellers have been putting off their next real estate transaction waiting for the market to bottom out. I believe we are there. The interest rates are right at 5-6%! There are unbelieveable prices on houses everywhere. The inventory is dropping monthly and it won't be long before this window of opportunity for buyer and sellers starts to close.
There are alot of "short sales" happening here in Boise - these sales allow the Seller to sell their home for less than they actually owe the bank (this is especially helpful for those who purchased the last couple of years when prices were up). It allows buyers an opportunity to be sure they are they paying a priced that will not drop any further.
If you are a seller who has found themselves with a mortgage for more than you can sell your home for - this is an alternative that you may want to consider. There are other alternatives available, also. Whatever you do, call your mortgage company or a Realtor and find out what your options are. Open those letters from the lender, there may be an offer to forgive the past due amounts and lower your interest rate and future payments inside. Many lenders are offering "loan modifications"... the key is to stay in touch with them and read all correspondence.
You can actually buy a home right now for less money than you are paying rent! Call today and let's start looking for your next home! Shirley Walker - RE/MAX Capital City 208-830-9208
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