Today's housing market is full of foreclosures and houses with declining values. This is a great time for individuals to buy homes, but a very hard time for those who are looking to sell the home for more than they bought it for. This is a hard time to get a loan as well since the economy is doing poorly and the banks have been hit hard by those who have not been able to keep to the contract of their mortgage.
Those who are trying to get a mortgage are having a harder time than those who have gone before them. This is because there are stricter rules and guidelines being set out by those banks who were lending money as to how and to whom to lend the money too. This is to help to prevent the possibilities of the bank losing more money and help the banks to recover some of the moneys already lost.
The banks themselves have been coming close to bankruptcy and have had to request assistance from the government to handle the loss of money that they have incurred. This has brought the banks under scrutiny by the entire world and has caused stocks in the banks to flounder causing more economical damage than the loss of the mortgages alone could have done.
Those who are trying to sell the homes are having a hard time getting the prices that they feel their homes are worth. This is because the home values are depreciating rather than appreciating due to the large number of foreclosures and the higher number of empty homes. This tends to drop the market because people are willing to live elsewhere for a cheaper home rather than pay full price for a home that is currently being lived in.
As a result of all these factors, there are changes being implemented and tested on the housing market. Bargains that one would typically only see in the dollar store are being seen in the housing market. These bargains have included house swapping and buy one get one deals. These factors are meant to encourage more individuals to buy homes but do not necessarily make it happen. Foreclosures still tend to cost less than these bargain houses.
Another major change that has been occurring in the housing market is the acceptance and continual use of the apartments. Before apartments were simply for transitional periods and a home was the American dream. Now as that dream drifts further out of the reach of Americans, the apartments are quickly becoming more common places for families to settle in.
Julia Vakulenko is a licensed broker associate with Tampa4U.com Realty. She has one of the hardest working Tampa Real Estate team in Florida specializing in Tampa Condos and also in2Va Team for Northern Virginia Real Estate .