It's a buyers market, but the problem is the financing - WALB.com, Albany News, Weather, Sports

It's a buyers market, but the problem is the financing

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By Wainwright Jeffers - bio | email

ALBANY, GA (WALB) - The stimulus package has been described as one part of a plan to solve the country's economic ills.

One ailment is the housing market.

Both realtors and potential home buyers hope the Obama administration's plan to slowdown foreclosures will have a positive side effect, getting more people to buy houses.

"I was driving buy looking for investment properties," said Dave Mullins, Real Estate Investor.

Mullins is an investor looking to buy.

"Three bedrooms, two bathrooms around this price range are perfect for rental opportunities, this is the perfect neighborhood for rental opportunities as well," said Mullins.

He admits it's a buyers market, but the problem is the financing.

"Financing is a little bit tuff, but the lower in price range you get the more of a common denominator you hit," said Mullins.

"This is really a good market compared to other parts of the country I think our houses were not over valued, like in other parts of the country," said Al Blanch, Parker Real Estate Group.

Al Blanch is the realtor showing the property.

Both he and Mullins hope the president's plan encouraging lenders to re-structure some loans and lower payments for current homeowners will entice more to see the housing crisis ending, and finally make that important decision to buy.

"I hope it's going to be great and serve its purpose and actually get lending back, but bankers are still very skittish," said Mullins.

"We're hopeful that financing would be easier for people, and also psychology maybe it'll people feel comfortable, and it's a good time to buy a house, this house is priced at $117,900, which is a good price especially for a starter home," said Blanch.

Hopefully the president's plan to put confidence back into the housing market will get this house sold.

"This house has been on the market for two or three months," said Blanch.

"I think it's a great time to look prices are not going to be any better than they are right now," said Mullins.

The commerce department reported that construction of new homes and apartments dropped close to 17 percent last month, home foreclosures are up 18 percent since this time last year.

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