We are in an interesting time in history. Housing prices across the United States have soared and interest rates have remained low. The historic high in the United States was approximately 18 percent interest. Today we are still looking at 30 year low mortgage rates in the 4 to 4.5 percent range if you have good credit. As an investor, if your property cash flows after all expenses, it may be a good time to buy. If you are a first time home buyer, why not wait until prices drop 20 percent or more? Some don't believe that time will come again, but it will. The overall cost you pay to own a home is what matters most. If you can get a 30 year fixed loan at 4.5 percent today, you can make just two extra monthly payments each year, and you will pay your house In 20 years instead of 30 years.
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First there has to be a suitable home to buy. Inventories are notoriously low at the moment. I've heard of people being recommended to knock door to door in desirable neighborhoods to see if anyone will sell!
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