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Should you buy now or wait until you have 20% down?
I sat next to a bright, young contractor from California at lunch last week. He lamented that he and his wife might never be able to afford a home in the Bay Area where he lived. They were working on saving 20% for a down payment.
You know what I said: "There has never been a better time to buy!" I told him to talk to his lender about FHA financing where he would only need 3.5% down. Interest rates are rising already...up at least half a point since October. None of us have many buyers. Most sellers are giving serious consideration to offers. I live in Philadelphia so I wasn't looking for a deal. I just gave him my urging that he should not wait to buy. When lunch was over I said, "Someday you'll remember this lunch and thank me!" What I want to know is How many other ready, willing and able buyers are still sitting on their wallets?
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