You have a savings account, right? At the very least you sock away a little every month in your mattress, no? Rainy days do come, you know. As do opportunities. Or windows of opportunity. Like the space shuttle entering the Earth’s atmosphere, some moments have to be just right. AND THIS is why if you don’t buy a primary dwelling or investment property in 2011 you will watch a window close. Wait for it.
Oh sure, you can buy real estate any old time and pay any old price too – but any old rate? No. I spoke with a client buyer just yesterday that quoted me a rate of 3.78%. That’s CRAZY. Crazy! When I bought my first house some 14 years ago I was uber thankful to get 6.25%. Other clients recently have been getting in the neighborhood of 4.25%. So you see, this is awesome. But it won’t last. It won’t. It can’t.
You do know there are FHA loans out there that require as little as 3.5% down payment, right? Of course, you must qualify. But they’re out there. Pair that with the supa dupa low rate and my money’s on your monthly payment being less or comparable to your current rent (which we all know is likely going up this year, right?), and voila – deal of deals.
Recently I chatted with a budding photog that had come to the recent conclusion they were never leaving New Orleans. The decision was not brought on lightly. It’s taken years. Doubts, discussions, suppositions, and the like. So my next thought was “Well, let’s find a place for you to buy.” Their response was “That’s the last thing on my mind.” And the next thought in my head is “Really!?”
I mean REALLY. Paying a landlord even another month’s rent after coming to this conclusion just seems silly. Okay, find the right place, yada yada yada, what neighborhood you like most, shotgun v. raised basement, on and on. But REALLY, stop paying rent. Invest in your self – and your city. There’s a stupendous stock of inventory out there – start shopping.
As windows go, I think by year’s end some of the best acquisition opportunities will be in the rear view, and so will those crazy rates.
