WASHINGTON - The Federal Reserve, trying to stabilize a shaky U.S. financial system, may give squeezed Wall Street firms more time to tap the central bank’s emergency loan program, chairman Ben Bernanke said Tuesday. And, in an effort to prevent a repeat of the current mortgage mess, Bernanke said the Fed next week will issue new rules aimed at protecting future homebuyers from dubious lending practices.
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Before we start, let us give you one reason to not buy a new home right now. How long do you intend to live there?
A rule of thumb is that it rarely makes sense to buy if you expect to move within two years. That’s because when you do sell, there are costs associated with selling. We’re not just talking about sales commissions to the buying and selling real estate brokers. Most owners rely on home appreciation to pay those costs and to provide the down payment and closing costs when they buy their next home. So buying a home when you expect to move before too long is a risk, especially in an uncertain market.
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Here are tips that could be helpful when looking at homes for Sale. Looking at homes for sale via the internet is fun and exciting.
At first. After a while, it gets a little frustrating, but you’ve learned a lot. You have a general idea of what homes look like in the area, prices, differences in costs for numbers of bedrooms and bathrooms and you have ideas about what community you want to search. Read more »