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Brokers Agree Best Time to Buy a House is During Foreclosure Crisis
December 8th, 2008 by 
Joseph Smith
The current foreclosure crisis has made it harder for people to part with their hard-earned money, especially using it to buy properties given the prevailing uncertainty in the housing market.
Some real estate experts point out that people would rather save their money, pay their debt and postpone buying properties until 2010. Homeowners who have the financial capacity would rather rent a house than buy one.
Brokers in the city of Naperville, Illinois believe that now is the best time for homeowners to buy properties, especially with the rapid flow of foreclosures onto the residential market.
Re/Max Action broker Jim Freier explains that the real estate market in Naperville is unique and properties are actually selling in DuPage County. He claims that he has clients who have been searching for properties to buy for as long as four months but still failed to find something they want.
Freier and other brokers believe that buying a foreclosed house is still the best option than renting. Buying a foreclosed house builds up equity and adds tax advantages to homebuyers. It also improves a homebuyer’s credit rating for other things, including automobile purchases and equity loans.
By buying a house, a homeowner has the control over improving the property and its market value, greater security and privacy.
Real People Realty agent Al Scheiderer points out that the money paid by a homeowner as monthly rental could instead be used to pay for the mortgage on a home that he owns. He adds that there are many foreclosed homes on the market that can be purchased at bargain prices.
Real estate agents also agree that buying a foreclosed home versus renting one depends on several issues, including a homebuyer’s credit score, income level and job security.
First-time homebuyers have until July 2009 to avail of the 10 percent tax reduction offered under the 2008 Housing and Economic Recovery Act.
