If you are in the market to buy a home, or if you are just thinking about buying a home, then you may want to read the latest market position suggesting that there is a glut of foreclosures on the market. Home builders are also apparently holding off on new housing starts. The above implies that this is the Time to Purchase a Home - Or Maybe Not. Builders are girding themselves for a continued soft real estate market. In places like Virginia, heretofore a solid real estate market, builders are sitting back waiting for the next "shoe to drop". It may be a better idea to look at new construction, those "spec" homes that have been sitting vacant, builders will more than likely be willing to negotiate on price, amenities etc. One challenge that presents itself to buyers is the fact that a bank holding a foreclosure may not be amenable to correcting any defects in the home, even if you pay for a home inspection at your cost. It just may be that you will have to take it as is or leave it. Choices will need to be made. If a buyer chooses to purchase a builders "spec home" there may be more latitude in persuading a builder to add an improvement/upgrade at no extra cost or negotiate some other cost savings while not sacrificing the new home warranty from the builder. www.cnbc.com
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