There has never been a better time to buy your first home than right now. Given the current economy, you probably think I'm crazy, but hear me out.
First of all, interest rates are still really great and there are rumbles about them getting better. Second is the first time homebuyer tax credit passed this year. And third, the mortgage is likely to be cheaper than paying rent.
Case in point, my daughter.
After she graduated from college in May, we started running some numbers in preparation for her leaving the nest. She was looking at between $600-750 per month for a small apartment. Based on what I was seeing on the market, I suggested we investigate foreclosed & HUD homes.
Long story short...we found a really great 3 bedroom, 2 bath brick ranch with finished basement, fenced yard and 2 car garage for $50K. Her payment? Under $600 a month!
Are there still great deals out there? Absolutely...and some of them are not even HUD or bank-owned. Some sellers just need to move now.
If you're been thinking about taking the leap, be sure to work with a buyer's agent who can look out for your best interests and research potential problems. And if you check out HUD homes, make sure make sure you're working with an agent whose brokerage is approved by HUD to submit electronic bids.