Banks, Realtors Agree: It's a Buyer's Market

The meltdown on Wall St. has put the squeeze on all types of lending, including home loans. But for those with good credit, it's still a buyer's market.

Bankers and real estate agents agree that, with interest rates around 6 percent and a glut of homes on the market, now is a great time to buy a house. It's also a good time to consider refinancing an existing mortgage.

"For folks that are perhaps at a rate that's in the 7- to 8-percent rage, it's a good time to talk to their mortgage banker and see if it makes financial sense to refinance now, because 6 percent for 30 years is a very solid mortgage rate," said David Barksdale, the chief banking officer at NewBridge Bank.

According to realtor Andy Leung, there are plenty of choices for those who have good credit.

"So if you wanted to buy a home between $100,000 and $150,000 in Greensboro with three bedrooms, two baths, you'd have 328 choices right now," he said.

Even with low rates and lots of homes for sale, buyers without good credit could have a time time buying a home. Banks have tightened credit standards, making it more difficult to qualify for loans.

"To do 100-percent financing on a jumbo loan is probably not something banks are looking to do right now, but there are a lot of folks out there who do have good credit scores that do qualify, and there are very conventional mortgage products that are very suited for them," said Barksdale. Story by my friend Caron Myers.

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