The Subprime Mess: What it Means to You

The bad news about the housing market seems never ending:  Foreclosures have more than doubled over the past year.  Whether you're a home seller, owner or buyer, by this point you've got to be feeling a little rattled.

All that has happened before problems in subprime lending expanded throughout the mortgage market and beyond, creating what's being referred to as "the credit crunch."

The immediate future is clear:  As lenders tighten their borrowing standards, fewer people qualify for mortgages.  Fewer qualified buyers can only mean that housing prices will slump further.  Worst of all, economists don't see much chance for a turnaround until mid- 2008 and possibly into 2009.

Ready for some good news?

First, remember that all real estate is local, and some markets are doing just fine.  In fact, more than half of the major housing markets in the country have yet to see prices drop.  Homeowners who plan to stay put for a while may not have anything to worry about.  And if you're a buyer – well, this market may be the opportunity of a lifetime.

Sure, it's harder to get approved for a mortgage these days.  But if you can clear that hurdle and have enough money set aside for a down payment (count on needing at least 10 percent, and increasingly as much as 20 percent), you're golden, with more listings to choose from, at better prices and with a lot less competition.

Remember, prices may continue to fall for another year or two, so once you have a handle on the market, bid low.  If the seller won't budge, walk away.  There's no shortage of homes for sale.  Sellers, you need to be keenly aware of this fact and remain realistic about today's market.  Unlike a few years ago, sellers can't call the shots all the time now.

Don't be afraid to press for noncash concessions.  Sellers may be willing to pay a portion of your closing costs or provide a home warranty covering repairs for the first year.

If you're buying a new home, your builder may give you a cash rebate, plus free upgrades such as granite countertops, a Sub-Zero refrigerator, hardwood flooring or a big-screen TV.

Builders are also more willing to pay closing costs or buy down the rate.  For them this is a desperately tough market.  But that's not your problem, is it?

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