Tired of Renting?

Real Estate Agent with Home Alliance Realty

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!

Comments (3)

Nicole Kraus
Signature Realty Associates - Dover, FL

I could not agree more.  Now more than ever is a great time to since in many states, it is once again a Buyer's market, not to mention the low interest rates.  Now if we could just get the press to stop like Chicken Little to help the market versus keeping people out of it due to their gloomy reports.  Bottom line now is a great time to buy.

Aug 18, 2007 09:36 AM
Gareth Bourriague
Benchmark Mortgage of Louisiana - Baton Rouge, LA
Benchmark Mortgage

Absolutely!  Actually, the 100% financing programs are still very prevalent, since they are Fannie/Freddie products and are not sold on Wall Street.  I've had several lately that I thought had no chance of approval (credit scores < 600, open collections, etc) get approved with no problem!

It's a great time to become a homeowner!

Aug 18, 2007 09:44 AM
Lisa Lopez
Home Alliance Realty - Manahawkin, NJ

Actually, the statistics for my immediate area (Ocean County) are showing that it's not a "Buyer's Market", but a "Normal Market".  There is a lot of negotiating going on, but in the end, both sides are settling somewhere in between.  We haven't reached the point, on a broader scale, for sellers to begin dumping their homes...... that is, unless they are in foreclosure. 

And I agree, if the press could give up the Chicken Little run, I think the real estate and mortgage industries would do much better.  Consumers are so scared because of the gloomy press reports, and in most cases, don't even understand what the press is talking about, that they choose to do nothing, instead of something (sell/buy a home).  But as they say, "this too shall pass."

Aug 18, 2007 09:56 AM