First, make sure you understand exactly what kind of mortgage loan you have and the implications of your mortgage type. While adjustable rate mortgages were certainly attractive a few years ago because they allowed homeowners the benefit of lower interest rates, today they are a disaster waiting to happen. If you have an adjustable rate mortgage, it is essential that you consider obtaining a fixed rate mortgage.
The impending real estate crash will also most certainly impact prospective buyers as well. While there is a tremendous amount of inventory currently available and prices are lower than they have been in several years, it certainly appears as though there will be even more price reductions throughout the remainder. In some areas, prices could go drastically lower. This means that if you can wait awhile longer to buy a home you may be able to take advantage of even lower prices If you have your house on the market and are experiencing difficulty selling it, as is the case with many sellers, recognize the fact that you may need to make some concessions on the terms and/or the selling price.
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