I know what I'm about to write is true in most any market at this point in time, but for someone who has just a bit of capital available and wants to get in on the benefits of buying in a buyer's market, this is your chance!
There are a number of things coming together that make this a great time to buy more than just a home to live in. Interest rates are at historically low rates, there is a lot of supply on the market, sellers are starting to realize that they don't have as much bargaining room as they once did and, most importantly, a LOT of sub-prime, adjustable rate mortgages that were originated in the past couple years are coming due for their first adjustment.
It's really unfortunate that so many are going to lose their home to the bank. I wish it wasn't going to happen. However, it is a FACT that many will lose their homes in unfortunate circumstances. I've learned that you shouldn't feel bad about it, though. If you truly feel bad for them, perhaps you could help them out by taking over their payments for a few months or years. I know that sounds ridiculous, but I'm saying it to jar your thinking...yes, it's unfortunate that homes will be lost to the bank, but just remember: what someone else is going through is not really any fault of yours. In fact, some are saying that the government is to blame for not regulating lenders more over the past 5 years. If it is truly the case that buyers were put into homes that they could not afford, then one could even make an argument that it's even not the "fault" of the borrower!
Fact is, if you are able to purchase a home with instant equity and the seller is able to avoid foreclosure, you are doing both yourself AND the seller a favor. Why not look into what can be done to take advantage of what many are calling the "perfect foreclosure storm" and help people at the same time!
If you're thinking of relocating to Scott Air Force Base, or for information on communities, schools or homes for sale in O'Fallon, Belleville, Shiolh, IL and other communities that surround Scott Air Force Base, please go to www.RelocateToScottAirForceBase.com
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