For those people who want to own their own home, the best real estate scenario for yourself and your family is to buy at or near the bottom or the market and to have a low, fixed interest rate so your housing payment is affordable and consistent.
Wait a second! That is exactly what is available right now! Right now in Southern California prices are almost as low as they were 20 years ago. Interest rates are at a 50 year low.
It is true that the home mortgages out there are hard to get, and qualifying may become more difficult before it gets easier. However for those people with good credit and some savings, now is the time to get out there and buy buy buy property.
The safest buy you can make is one that generates cash flow at the purchase price. That means that mortgage, taxes, insurance and a reserve for maintenance and repairs all add up to less than the market monthly rent. This equation is available in many though not all areas.
Many, many people these days don't have good credit due to a short sale or a foreclosed home. Don't feel like you cannot participate in this opportunity because you cannot get a traditional loan right now. There are short term options like rent-to-buy or even hard money loans that can help rebuild your credit while you build towards a traditional loan.
Right now through the next couple of years could be the best time to buy real estate in decades. If you've been thinking about it, get qualified with a lender and start looking at property today.