Thread: First Time Buyer

Take my recommendation and continue to rent for a few more years. Home prices are still dropping and will continue to drop the next few years. Start saving for a down payment and when prices drop further you'll have good buying power. Visit the site below my signature and follow the trend on your own.

Good luck.

Suziclue may be right about falling home prices.

You might also consider leasing witha an option to buy at a fixed price.

Keep an eye on interest rates. Low rates can make a big difference in monthly payments and the total cost of a home.

Current interest rates in most parts of the country make it a very good idea to buy now. However, you need to check what the rental equivalency is for a property you might purchase and if rents for the home are not inline with that calculation then you might not want to buy.

I would just sit down with a couple Mortgage Brokers in the area and ask them flat out what your financial picture looks like.

The Mortgage Team we work with in Minnesota have access to some programs only a few other lenders can access in the state, for First Time Buyers.

There may even be some grants or fix up money available.

In regards to "timing the market". It sounds appealing to try and get the best possibly price and terms, but it can rarely be pulled off.

If you really think the market is going to drop for another year or two, then I guess you should wait.

To me, I bought my first home summer of '08, and even thought waiting 6-12 months may have garnered a better price, we ended up with a good interest rate, and are already paying down the mortgage.

Renting is literally throwing your money into the landlords pocket. It's called a "buyer's market" for a reason. The deals are for the buyers now, so if you don't have to sell, you should absolutely think about buying this year.

Don't rent. Buy. Prices are low and South Florida sees very low priced foreclosures.
Now, the question is: what do you want to do with it? Live in for the next 30 years? or trying to make a profit as investment? Either way, it's a good time to buy IMO.

Welcome to the community. I hope you got your solution.





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Rozlin Bush
Miami Real Estate

expert point of view and market still expected Home prices are still getting more down rather than any one exception, so be patient no need to worry but if you found interesting deal (cheap deal) than sure go for it....

The Canadian Market is a first time buyers dream!

actually its just a buyers market...