• Distressed homes – foreclosures and short sales sold at discounts – accounted for 34 percent of February sales, according to the National Association of Realtors (NAR). The bargain basement is open for business. Be prepared to write many offers as the competition is stiff, and many distressed homes need work. Throw your “must have” features out the window in favor of a good deal financially.
• Investors know a party when they see one. They snatched up 64.5 percent more homes in 2011 than in 2010 and now account for nearly one in every four homes sold, NAR reported.
• Know all your costs. More than just a mortgage payment, homeownership comes with insurance, tax, utility, maintenance and transportation costs, among others. Include them in your budget to determine what is truly affordable.
~~the above excerpts from RealtyTimes.com Broadrick Perkins, April 12, 2012
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