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I can't tell you how many call and emails I get from people who say they want to take advantage of this great housing market, but state they have terrible credit and they don't make much money. They are looking to get into a home that is "move in ready," with nothing down and a very small mortgage payment. I have to chuckle at this because if you think what you are asking is too good to be true, then it probably is. This certainly applies to the real estate market. It is true that there are an abundance of great deals out there, but most of the homes need at least $20,000 in work to actually make them liveable. Renters who want to be homeowners don't realize that they may be walking into a money pit. When a toilet overflows in a rental, the tenant simply picks up the phone and calls the owner or the property manager and a plumber magically appears. When you own, you own the problem and the big bill in the end. If you are the type of person who only lives paycheck-to-paycheck, you may want to consider staying in your cozy and safe rental a little longer.
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Sorry Sheila,
I have to disagree. It's kind of like waiting for the perfect time to have kids, it never comes. With interest rates at near historic lows, home affordability at near historic highs and an $8,000 tax credit to boot. How does it get any better. Nothing worth while comes easy. Sometimes you have to suck it up in the short term for long term gains. It may mean taking a sack lunch to work and skipping the morning Latte for awhile but those are the sacrifices that need to be made.