Ø Trading up. If you're longing for a larger home or a house on the water, this could be your chance to trade up on the cheap. Like any thrifty shopper, you want to buy when there's a sale -- and that is what today's market offers.
Ø Doubling down. Instead of trading up, you might be eyeing a vacation home. The bottom line: If you think you'll get a lot of use from a second home, go ahead and buy.
Ø Helping hand. You might give your kids an advance on their eventual inheritance, so they have enough money to make a down payment. Yes, that means they will start to incur the housing costs, including property taxes and maintenance expenses. But your children will also replace their monthly rent check with a monthly mortgage check, and that will allow them to start building home equity.
-- “Playing the Housing Slump: Is It Time to Make Your Move?,” by Jonathon Clements, RealEstateJournal.com, March 11, 2008.
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