Don't be caught in a couple of years saying "should of, could of, would of! Everything is in place right NOW for first time home buyers to get into this market. Interest rates are dropping below 6% and they don't stay there long. So, Buyers should be actively looking to buy. The Federal Government is offering a $7,500 tax credit for first time buyers, but only until the summer of 2009. If you are employed and have mid to decent credit, it is possible to own your home with little money out of your pocket.
Investors have many opportunities also since the market is so soft. There is an abundance of possible rental homes available. Have you heard about some of the changes with the 203K product (rehab loans)? Investors should still analyze their investments as usual but with bank foreclosures on the rise the market is just right for the "buy low" investor with cash or not.
Law Enforcement, Teachers and Firefighters have an excellent opportunity to buy HUD owned homes at a 50% discount! That's right! A 50% discount on the listed sales price for HUD repo's. Minimum cash contribution is $100.00.