publication date: Aug 27, 2010
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author/source: Chris Prang
The big news, and should have been expected news, was the
massive decline in existing home sales and new home sales. NOW the
experts are saying housing is in trouble again. What is wrong with these
people?
All of sudden, the experts and economists think the housing market is in trouble again. Check out these headlines:
Lack of Jobs, Foreclosures May Keep U.S. Housing Depressed
Housing market continues to decline: Current trends suggest that the housing market is collapsing. Again. Will it take the economy further down with it?
Home Prices May Drop Another 25%
I don't know about you, but I was not surprised at all by the news. The housing market will be distressed for a long time to come. There will be ups and downs for quite a while. So if you are thinking about buying...WAIT! Unless of course, you happen to live in one of the few places where the local economy is good, real estate never had a great run up, jobs are stable and increasing, population is stable and increasing...then you are probably OK to buy, as long as you do it wisely.
Here are some keys to successful home ownership:
- Pay cash for your home. Please remember that our monetary system is corrupt and unrighteous...God calls is abominable. It is based on false weights and measures. God's Word reminds us and warn us, not to go into debt...especially with secular lenders who create money out of thin air and rob you and your family what God has entrusted to you. Yes I do believe borrowing money from a secular lender or money that is fractionalized is a sin. If someone can show me scripture to the contrary, then please forward it to me.
- Can't pay cash for a home? Do an equity-share agreement and lease-to-own until you can pay the balance in full. An equity-share agreement is where you come to the table with money towards the purchase price, say 25%. Then you joint own the home together with your ownership of the home being 25%. As you can continue to make monthly payments, a certain amount is applied towards your equity share.
- Seek out distressed properties and/or motivated sellers to purchase a home for 25% or more under current market values. They are out there!
- Look for a property where you can use the land to produce and income and generate wealth. You don't need a lot of land to do this. Even a few acres for a nice garden, some chickens, maybe a cow or two.
- Look for a property where you can put up additional homes for your children as they get older...A homestead approach is a great way to go. It is a better use of money!