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Got questions about where real estate is headed? Here are informed answers to some of the most frequently asked questions about today’s housing market.
When will housing hit bottom?
There isn’t any single answer to this question. It depends on where you live. Home prices are rising again in the most convenient suburbs of such cities as New York and Washington, D.C. In other places that are in less demand, prices continue to fall.
How can I figure out the value of my home?
Talking to a real estate professional and/or hiring an appraiser is the best idea. But even after getting a professional opinion, it is hard to tell what a home will sell for until you put it on the market.
Is now a good time for a renter to buy a home?
It could be. Prices in many areas are down significantly from their peak a couple of years ago. Plus, Congress has extended the tax credit for first-time home buyers and added a $6,500 credit for many previous owners of homes who sign a contract to buy by April 30, 2010.
Should I invest in foreclosed homes?
A foreclosure can be a risky buy, even for the most experienced real estate investors. Use caution.
Source: The Wall Street Journal, James R. Hagerty (11/17/2009)