Buying in Boston in 2009?
Boston.com had a great article about buying a home in 2009. In case you have been out of the country in 2008, it was one of the worst years in real estate in recent memory. The government had to step in to take control over some lenders and financially bail out others. As housing values dropped, the new housing market screeched to a halt. Thus began the cycle of people losing their jobs which in turn led to a record number of foreclosures in the country. Boston was not spared in this economic spiral that hit virtually every city and town in America by the end of 2008.
If you happen to be one of the lucky people who still has a job, then 2009 may be the year you get a new home. With new stricter loaning requirements, you need to start working on your credit score now if you want to purchase a home this year. This process begins with taking advantage of the federal law requiring the “big three” credit reporting companies to give everyone a free copy of their credit report.
Once you know what is being reported on your credit report, you can work on cleaning up any inconsistencies between the reports. In the meantime, you should work on decreasing your credit card debt. Most lending companies have stopped the practice of giving loans to people who are already maxed out, even if they have been making their payments on time.
People who are serious about wanting to take advantage of the low house prices should get pre-approved for a loan. The pre-approval not only shows a home seller that you are serious, but it also lets you know just how much you can afford for housing payments. With this knowledge, you can look at homes that are realistic for your budget and not run the risk of falling in love with a house that you can’t afford.
Potential home buyers, click here to read a full article from Boston.com with more tips:
Charissa Pemper, Boston REALTOR®
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
