With all of the ups and downs of the real estate market in the last 5 or 6 years, it's easy to see how today's buyer or seller can feel overwhelmed. According to Today's financial editor, Jean Chatzky, there are some basic rules to follow if you're making a move in today's market.
If you're buying:
-A down payment is a must! Somewhere between 10-20% is desirable.
-To get a good rate, work on your credit score. A score of 720 or higher will get you the best rate.
-Shop around! Last week, the low quote on a 30-year conforming loan from HSH.com was 5.875 percent, while the high was 9.5 percent. Do your homework and it will save you money.
If you're selling:
-Adjust your expectations. You're not going to get what you could have a few years ago.
-Get a buyer in line before you buy. Bridge loans are hard to come by these days.
To read the whole article, click here.
