You have a chance to steal a deal on real estate at a time when most people are afraid to tread in the market.
Seven or eight years ago, everybody thought real estate was the ticket to wealth. The idea was that with no money down, you could be a real estate mogul! It was the whole “use other people’s money and build a portfolio of wealth” mentality. Well, we know how that ended. We’re still suffering the consequences of easy money leading to speculation, and boom followed by bust.
Now today we have a new cycle starting. At a time when people look at real estate as too hot to handle, I think it’s a great idea for you look at owning real estate.
If you’re in a position to buy your first home and you’re afraid, get past the fear and get out there. Mortgage rates are low and prices of homes are deeoly depressed, down by 50% in some markets around the country.
The opportunity to lock in long-term low-cost housing with permanence is great. Veterans who have VA benefits can buy homes with no money down. Others can buy through the FHA program with 3.5% down. You have a chance to steal a deal.