Even with the subprime mortgage market "collapsing" and large lenders being watched on the bankruptcy list, it is still a great time to buy in the US! Interest rates are still at all time lows. When I entered this business, rates were in the double digits. Even if interest rates rise, they are still lower than they were before.
So the longtime question begs for an answer, "Why Rent when you can Buy?". From my experience, there are very few reasons why someone can't or shouldn't buy. There are still programs around, not many at this time, but they are still around, for 100% financing, 3% down, 5% down for owner occupants. Seller's can help by making concessions to a buyer to cover closing costs at the closing. There are still many ways to reach the "American Dream".
The best thing you can do as a tenant is to begin consulting professionals (a Realtor, a Mortgage Representative, your bank, etc.) about what you need to do to buy a home. It may not be today, but in 3 months or 6 months, etc., you could be a homeowner. Why not begin organizing yourself and saving your money to be in a position to buy?
The flurry of emotion always begins lately with "oh the interest rates are rising". But my answer as a professional in the industry for over 13 years is "but they still aren't near the double digits!". At least with an investment in real estate, you own something tangible, even when the market goes down-the property is still there!
If you are looking to buy in Ocean County, NJ, give me a call today!
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