Buyers market for houses, cars

After the largest government bail out since the depression, institutions like Fannie and Freddie are now resorting to loaning money to people who qualify and can put some money down.

Now, real estate agencies and car dealerships are offering financing with low rates, making buying big ticket items beneficial for the buyer.

All is not lost in the credit market, just different.

Donna Giradot of the Cape Fear Homebuilders Association said, “The lenders are lending money the old fashioned way. You’ve got to have good credit, a job, pay your bills reasonably on time, prove your income, but there are good rates out there right now.”

“Back in the day, years ago, that was the key to buying a house, you had to have good credit and had the ability to put some money down, it was very easy to go get a loan.” said Jeff Sweyer of Century 21.

The government bailed Fannie and Freddie out, with hopes of easing the housing crisis.

Louie Clark, who is trying to sell his home, knows it is a great time to buy. “The rates are real good now, you hear it on TV buying a home now is good, buying a car now is good.”

Clark has owned his home since 1981. He wants to sell and move to a smaller place, but the challenge is selling in a buyers market. “There are more houses to go out and look at today, and there is more variety, so if you are looking for a house today, there will never be a time in my opinion to go out a buy a house, exactly what you want because there are so many choices.”

Cars and TV’s are also big ticket items that can be bought on the cheap.

Mark Thornton works for Jeff Gordon Chevrolet. He said, “Its very easy for the customer to come in, get a vehicle, save a lot of money, and be able to get financed.”

Because the government has taken hold of the situation, some buyers say they have a better sense of security, but the biggest problems many builders are still facing is trying to get sellers to get rid of their old home, and into a new home.