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This is a guest post by Lee Fink.  Lee is currently studying at the College of Southern Nevada with a major in Journalism. She hopes to pursue a career in editing.

During the housing bubble, many people bought up houses at ridiculously low prices. They would then turn around housing_bubbleand sell these homes for much more than they originally paid. Once the bubble burst, people that had bought up these homes were stuck with them. No one wanted to buy a home in a time where their prices were steadily declining. On top of all of this, many banks had loaned to these “bubble-buyers”, and once the bubble was gone, the buyers were unable to pay back their loans. Because of this, many banks are hesitant to loan to prospective home buyers in these tough times.

For those of you that are still in the market to buy a home, it is possible to get amazing deals as long as you look hard enough and do the right research. Most people think the best type of home to buy is a foreclosure property, but this is a common misconception. Many buyers came in to new developments and bought up the new homes, and then could not find a tenant. Because of this, there are many brand new homes sitting empty, ready to be moved in to for low prices.

Research New Homes First
Because many of these homes have been sitting for a long period of time, their owners are desperate to unload them quickly. This means that their price could be the same or less than many of the foreclosed houses on the market.

Find Long-Time Listed Homes
If a home has been on the market for a long period of time, usually more than 90 days, their owner will probably be more likely to make a deal on the property. If this is the case, bid lower than is originally listed.

Look Into New Developments
Certain places have new developments sprouting up everywhere. Many of these developments had been in the works for a long time, way before the bubble burst. Now that the homes are built, they need people to move in. Some of these places may still be unreasonable, but if you look hard enough you may find a great deal.

While these economic times can be scary, if you use them to your advantage, you could find a great deal on a new place to live. Be careful, do research, and be smart about anything you sign.



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