First time home buyers, get ready! Mortgage rates are low and home prices are dropping. This is a great time to buy your first home. A real estate bust can cause a lot pain to existing home owners, but it can be a benefit for a first timer.
A couple of years ago, home prices rocketed into the stratosphere. This left a lot of would-be homebuyers feeling like they had missed the boat. The good news is that the bust has brought a new boat. Of course by boat, I mean opportunity.
You see, the thing about real estate booms is that home prices go way up. In this boom, prices went up much higher than they should have. Logic dictates that prices should fall back down to earth, right? They should fall back to where they ought to be. That is not what is going to happen.
You see, the thing about real estate busts is that for a period of time, home prices are lower than they should be. That time is fast approaching. It has already arrived in some parts of the country. Keep your eyes open and be patient. Unlike the boom era, first time home buyers now have time on their side. Fear is so thick that prices will not shoot up anytime in the near future.
Find a house you can afford, get a low mortgage rate, and use a realtor in your area that offers real estate rebates. Get the best of all worlds. It is a great time to be an intelligent first time home buyer!
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