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Ken Herrera
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Ken Herrera answered:
Hello Lynn,
I see people stating that "Realtors" and "Pros" always say it is a good time to buy. Whether it is or is not a good time to buy is really based on the individuals needs. Yes many factors such as interest rates and low prices are good indicators that it could be a good time to buy, however it is not a good time to buy for everyone.
Everyone that purchased a home using "No Doc" loans, could no longer get a home today due to the mortgage climate. So if the question is "Was it better to have purchased a year or two ago when you could qualify, or try to buy a home today and not be able to get one?" If you needed a home and cannot buy one today, what would have been the point of waiting? You never how the market will turn, sometimes you just have to do what is right for you at the specific time. (All of this is regardless of what everyone thinks about "No Doc" loans and or Adjustable Rate Mortgages)
I see people stating that "Realtors" and "Pros" always say it is a good time to buy. Whether it is or is not a good time to buy is really based on the individuals needs. Yes many factors such as interest rates and low prices are good indicators that it could be a good time to buy, however it is not a good time to buy for everyone.
Everyone that purchased a home using "No Doc" loans, could no longer get a home today due to the mortgage climate. So if the question is "Was it better to have purchased a year or two ago when you could qualify, or try to buy a home today and not be able to get one?" If you needed a home and cannot buy one today, what would have been the point of waiting? You never how the market will turn, sometimes you just have to do what is right for you at the specific time. (All of this is regardless of what everyone thinks about "No Doc" loans and or Adjustable Rate Mortgages)
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