Comments on: Prospective Home Buyers, This is an Opportunity of a Lifetime – Don’t Screw it Up

By: PEI real estate

PEI real estate — Tue, 05 May 2009 12:07:35 +0000

Very Nice Post and I will follow it

By: Tracey

Tracey — Fri, 06 Mar 2009 22:25:20 +0000

You could also mention the new tax credit that targets first-time homebuyers. the credit is %10 of the purchase price of the home, with a max credit of $8,000. The tax credit works like an interest free loan and must be repaid over a 15 year period.

By: Buck

Buck — Fri, 05 Dec 2008 20:22:00 +0000

Buying a home during the next few years is not the ‘opportunity of a lifetime’ or a ‘tremendous opportunity’. It will merely be buying a home at a historically ‘normal’ price, via ‘normal’ lending standards. It is BUSINESS AS USUAL, like the PAST CENTURY or more. The ‘opportunity of a lifetime’ was flipping homes from ’02-’06 during the bubble with ‘free’ money. The opportunity of a lifetime (literally, lending practices had NEVER been so lax) HAS PASSED. Its OVER, so get OVER it. Anyone salivating over the ‘opportunities’ (i.e. housing ‘correction’) has clearly learned nothing from the past decade. It was an anomaly; you missed it; so calm down and return to planet earth.

By: briang467

briang467 — Thu, 04 Dec 2008 07:52:08 +0000

You didn’t address the interest rate/mortgage question. Because of the credit crisis there will be fewer ARMs approved and more fixed rate loans made.

While the window on housing prices may be open for a long time, the window on great interest rates may be shorter. The Fed will continue to hack away at the rate to try and get things going, but they’re likely to be careful about making money too cheap, and at the first signs of recovery interest rates will probably go up.

So I’m thinking the most opportune time to lock in a low rate on a 30-year fixed-rate mortgage will be sometime in late 09 or early 10.

By: Hustle Strategy

Hustle Strategy — Mon, 01 Dec 2008 01:14:20 +0000

Great advice. it is never a bad time to be prepping, especially in this market. Raleigh might be like Toronto a bit. We weren’t too inflated, but we haven’t dropped any yet.

By: jim

jim — Thu, 27 Nov 2008 11:16:32 +0000

I totally agree, it may seem bad but it’s a great opportunity if you have the stones.

By: Goran Web

Goran Web — Thu, 27 Nov 2008 08:51:31 +0000

Great advice especially for this period. I hear that things might just get a bit worse next year as we try to recover from this recession. Really hectic stuff.

By: Saver Queen

Saver Queen — Wed, 26 Nov 2008 00:54:24 +0000

Great article!!! The situation is a bit different here (in Toronto) but housing prices are finally coming down (thank God – housing prices here have been just absurd.) I think the only caution should be for people to remember that they need to consider their own personal financial situation carefully and not just jump in too fast, hoping to get a piece of the action. The best time to buy is when you’re financially prepared.

By: Nick

Nick — Tue, 25 Nov 2008 20:25:51 +0000

Just remember to make a sound investment, don’t jump into something. And you think banks would learn from their mistakes, but there’s liable to be some out there that will provide you with financing even if you can’t afford it, so be wary.

By: Donny Gamble

Donny Gamble — Tue, 25 Nov 2008 16:49:05 +0000

I believe that this is truly the opportunity of a lifetime to purchase homes, but how many people actually meet all the credentials to receive a loan or mortgage. You have to have a credit score above 700 and also have to have a large amount of money for a down payment