Posted by Terry Alexander - email
RICHMOND, VA (WWBT) - Real estate professionals unveiled a brand new web site that helps you figure out if you can afford to buy a home. The website goes over every step in the home buying process. It's a necessity given the major changes to the market.
John Demitri is on the front lines of the real estate market. A market he believes could still get worse.
"I think we are looking at least two years out of sitting here, being in this condition," said Demitri.
Demitri buys homes at risk of foreclosure. He rehabs them and hopes to turn them around for a profit. Picking the homes up isn't a problem, its getting rid of them where he runs into trouble and is forced to get creative. Like a house on Whitehead Road in Richmond, which he touted a potential buyer could move into with only $4,000.
Demitri isn't alone, traditional real estate agents are in the same boat. It's one of the reasons that they unveiled this web site which gives buyers a crash course in purchasing and owning a home. Agents are hoping that the more people are informed the more they may be willing to buy.
"Now is a good time to look into the market because the rates have dropped because there so many tax advantages these days," said Lisa Noon, Real Estate Association of Virginia.
And despite a market with ups and downs and the bottom still in sight. Real estate experts believe there are plenty of opportunities for buyers and sellers if they are prepared.
And that web site offers plenty of tools to not only help you find a home, but to keep your house in good shape once you have made the big buy.
To view that website click here.