According to this article at Inside Indiana Weekly, good mortgages are still available, but with certain restrictions not stressed so much in the past. No money down options are not readily available anymore, now it is important to save up for your down payment, the old fashioned way. Mortgage companies got into big trouble by giving money to anyone who asked, and now lending guidelines have become very restrictive. I like to think of it as a pendulum. At one point, things just got way too easy, think of the pendulum being at one end. It can’t stay that way forever, so now it has swung all the way to the ther side, into overly conservative lending practices. I think that it will eventually even itself out somewhere in between, but for right now, we’re in a hot mess!
One good way to get going to to have a good, solid plan of attack before buying a home. Money expert Jean Chatzky has some great words of wisdom in her article on MSNBC.com titled, “Building a Solid Home-Buying Plan in a Shaky Market“. She gives great advice to both buyers and sellers and even those of you facing foreclosure in this seriously shaken market. Some of her advice like the “Four Hour Sale” is likely not going to be effective in the Indianapolis or Hendricks County area, but mostly, her pearls of wisdom will aply to our market. Of course, we can try anything, perhaps list it at the normal price, but then do the 15% off sale for one day, which we would advertise to all local real estate offices. Remember, real estate is LOCAL, so there are no one-size fits all ways to get your home sold, you must follow what is dictated by your local market.