When is the time to buy has always been one of the most important questions in the purchase of any real estate transaction.  Are prices at the bottom?  Do I wait thinking that prices are going lower?  What if I wait too long and miss the bottom?  All of these questions can make for quite a confusing decision on your next purchase.   Ideally you would like to know exactly when the bottom of the real estate market is so you can make your purchase with the hopes of the market rebounding.  This way you could build equity when market prices rise.

Many people believe we could be at the bottom right now, with this being the best time to buy a home.  Nearly two-thirds of Americans think the time is right to buy a house, with a majority believing prices will be the same or higher over the next year, according to a Fannie Mae survey released April 6.  The 64% that said it is a good time to buy is just shy of the 66% that said the same thing in 2003 as the U.S. housing market was racing higher.

Click here for full survey results.

With many properties either in the foreclosure process or sellers needing to sell their property for less than what they have owed on it, short sales could be the way to go right now if you have the time and patience.  You can sometimes get a property for below market value through the short sale process. If you are interested in short sales or foreclosures contact one of our experinced agents about finding short sale properties in the Crested Butte Area. 

Below are some of the myths that are being circulating about short sales. 

Seven Short Sale Myths

1)  Short Sales are impossible and never get approved.  FALSE

2)  Banks are NOT accepting Short Sales; They are waiting on a bailout.  FALSE

3)  You must be behind on your mortgage in order to negotiate a short sale.  FALSE

 4)  Buyers are not interested in short sales and avoid them.  FALSE (mostly)

 5)  Listing a home as a short sale is an embarrassment.  FALSE

 6)  The bank would rather foreclose than bother with a short sale.  FALSE  FALSE  FALSE!!

 7)  There is not enough time to negotiate a short sale before a foreclosure.  FALSE

Click here to read the full article by Pat Perrota along with the truth about each of the seven myths.