WithÂ mortgages so hard to come by, investors who can’t pay “all-cash” are having a hard time scooping up some of today’s “fire sale” deals – which can be incredibly frustrating. It’s like being (a diabetic) kid in a candy store. (I’m diabetic so I know how that feels.)
However since first time home buyersÂ are not subject to the same degree of scrutiny,Â they don’t generally have this trouble, provided they’re a good, old-fashionedÂ loan prospect. (Imagine that.)
There’s tons of choice, low interest rates and the best prices I’ve ever seen.Â You even get an $8,000 tax credit you don’t ever have to repay! A perfect storm if ever there was one.
“If you’re a renter with solid job and a good credit score and you’re not in the market for your own home today, then you belong in a lunatic asylem,” said Marcus Burke, founder and broker for Condo Metropolis. “It’s that simple. I’m seeing condos out there right now that could be paid off in under 5 years with the equivalent ofÂ their rent payments.Â The truth is, if you’re not buying now, then you’ll never be a buyer.”
Hard to argue with that.