There's a theory that has been around for a number of years called CASH FLOW the property. What that means is when it is cheaper to own rather than to rent the MARKET is poised for improvement.
Follow me on this one. I find a condo in my market are for 180K. I have saved and saved and I have a down payment of $36,000. (that's 20% down)
I need to borrow $144,000 to live in the house.
The payment for a mortgage of $144K at 5.5 % for 30 years is $817.92. If I try to rent something like this I have to pay $1,000 per month, or if I am lucky I do get it for $900.
When it is cheaper to own than to rent it means that the market is poised for improvement. Here's an idea, you buy a place, it has 2 bedrooms, 2 baths and you can get a roommate for $600.00 per month.
What a great thing to be doing with your money.....Paying for a house that you can share and let your money work for you.
What a great time to invest in Real Estate. If you have great credit, you get low interest rate mortgage and you BUY.
Now there are some builders who are out there and they want to make a DEAL.
See if it is an opportunity for you, you may be surprised.
Speaking of opportunities..........Look at this NEW CONSTRUCTION TOWNHOUSE in West Goshen. It is called THE LINKS
You can actually buy one at $660K even though others in there have sold in the $800K range.
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