HI all!
With this mortgage crisis and down home prices, Is it right that now is the right time to buy a new home for first time buyer?
That's what I think and someone suggested now is the good time as the prices for homes have gone down.
By the way, I have good credit and excellent fico score so will getting a loan be still a hard thing due to this credit crunch or whatever they are talking about?
I am in Chicago area and if you have any suugestions or advice about when and how to about looking to buy new house, i will be happy!
thanks
2007-10-24 20:23:16 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Here's a good regional test that applies to any metropolitan area in the United States . . . Is land or space limited? Can I drive at a reasonable pace one hour in any direction without seeing construction on yet another condo complex or development? If the answer to both of these questions is yes to both of these questions it may be a good time to buy (you may experience some volatility in the market but your recovery should be swift). However, due to the overall market turmoil you may have to wait three to five years to see a return on your investment. If you are buying for investment reasons consider an alternative vehichle.
2007-10-25 00:04:08 · answer #1 · answered by CHARITY G 7 · 0⤊ 0⤋
The truth of the matter is, there are always good deals in real estate if you take your time and search. At the same time there are a lot of bad deals if you don't take your time during the buying process. As far as the credit crunch, try to qualify for an FHA loan they are insured the the government and have many protections that other mortgages do not.
2007-10-24 21:05:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This an excellent time to purchase, since real estate values have fallen due to the subprime/foreclosure mess. You will find an excellent selection of properties from which to choose, since the market is nearly flooded with properties.
You should have no difficulty in obtaining finance, given your good credit. The only folks affected by the change in finance criteria are those who are marginal or poor credit. There is not a shortage of mortgage funds. It's simply a tightening of criteria as to who qualifies for a mortgage.
2007-10-25 00:51:38 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Chicago at prices stay
You can read V-E-R-Y interesting advice and proposals here. http://real-estate-note-buyers.blogspot.com
taken care of and faith! Good luck!
2007-10-25 06:44:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋