The Market Will Turn Around Soon
I read a report tonight that says many potential first time home buyers are spending the money they were going to use as a down payment on other things. With the housing industry in a tailspin right now, I can’t really blame them. Soon, however, it will be the perfect time for them to buy, and I am afraid they may miss their chance.
While it’s smart to be waiting a bit longer, it will definitely be a buyers market within the next three to six months, so wasting away the money you would otherwise be putting down on a new home is not the smartest thing you could be doing.
One thing for sure, the finance companies are going to be a lot more picky about who they approve for mortgages, so you will want to make sure you have all your ducks in a row long before you ever step foot in the brokers office.
We would love to find another place, with a bit more land, outside of a subdivision, etc. But with the market the way it is now, and the way it’s going to be, it’s best we stay right where we are for the time being.
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