It’s a buyer’s market in real estate
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buyer’s market, real estate March 3rd, 2008For months, darkening clouds have been gathering over the residential real estate market as once-soaring home prices started sinking, homeowners tapped out built-up equity, and foreclosures climbed.
But for some people, conditions couldn’t be better.
In fact, some homebuyers — including first-timers and those willing to go the extra mile to seek out homes in foreclosure — are finding money-saving silver linings amid the distress.
Among those is Bo Rinehart, who took the home-buying plunge for the first time and recently moved into a 1,100-square-foot, one-bedroom, one-bath loft in the Coffee Lofts building in downtown Kansas City.
Then there’s first-time buyer Kevin Clark of Independence. He bought a 1,800-square-foot, three-bedroom, two-bath home out of foreclosure. It’s now home for him and his 4-month-old son, Liam.
Tags: buyer’s market, real estate
