I've heard the verdict of so many who gaze into their crystal ball I'm about ready to tune it all out. Are we near the 'bottom'? Should I buy now? Should I wait a year? Two years? I wish I knew any of the answers but I don't know.
There, I've said it. I don't know. The reason I don't know is not because I don't have a crystal ball - though I don't. The reason is because the answer depends on your reason for buying. It depends on your current financial situation and it depends on whether or not you have to sell a house first. (If you do and waiting is a serious option - I'd wait.)
If I were renting right now and buying was an option I'd buy in a heartbeat. If I were an investor and wanting to flip houses - I'd wait. If I were an investor and wanted to add to or start an inventory of rental houses for the rental income I'd seek out all the numerous deals I could get my hands on.
A lot of folks currently renting think the mortgage market is to tough that they would not be able to get a mortgage. In fact, most renters would qualify for a mortgage. If they get an FHA loan and seller assistance, that is virtually ALWAYS available, all they need in most cases is a downpayment of 3.5% of the purchase price to get into a home. Mortgage rates are at or near historic lows. With that, and marked down prices on homes, going from renting to buying is easier than it has been for years.
For those who have a real desire to own a home , have good credit and want help with the search, the process and especially negotiating the purchase, I'm available. My speciality is discovering financing options and negotiating purchase price and terms as an advocate for home buyers. Each home of interest requires analysis.
My primary service area is Camden, Burlington, and Gloucester counties in Southern New Jersey.
Paul Howard, Broker
Cherry Hill Nj 08002
MEMBER: NAEBA (National Association of Exclusive Buyer Agents www.naeba.org )
Either I have smarter than average buyers or I am a smarter than average broker - or both. Either way, I help home buyers get more for less.