Hi all
First let me say I am or hope to be a FHB =)
N I know most likely many will say .. just shut up and buy already ..
But I was wondering with all that is going on ..
If I may pick at your brains as to what a young green and hopeful first home buyer should do in times like these.. especially when we have never know anything like the great depression.
Yes, the FHB grant is a great - potentially 24K free money and reduce interest rate is a plus
- But should I just wait and see and forget that boost altogether and buy the market has reached the bottom? When will that be ????
- However, if and when that happens (2-3 years or more from now) will there be banks willing to lend?
- Yes, 300K homes now would cost like 150K.. but how much will my savings now be worth then? The value most likely will drop too wont it?
- N what will happen to rent? Will it continue to climb because more and more people will default on their homes (those that are may lose their jobs in the coming year)
- Or should I just jump anyway, because I have the boost, the reduced interest rate and a 20% for the property? N keep the "Its better to have a home than none" mentality???? Or would that be stupid and naive?
=S
Sorry for the long post, been reading too many D&G articles and now its scaring me a bit to step out and get a dream place that is oh so close...
Thank you for letting me pick at your brains =)
First let me say I am or hope to be a FHB =)
N I know most likely many will say .. just shut up and buy already ..
But I was wondering with all that is going on ..
If I may pick at your brains as to what a young green and hopeful first home buyer should do in times like these.. especially when we have never know anything like the great depression.
Yes, the FHB grant is a great - potentially 24K free money and reduce interest rate is a plus
- But should I just wait and see and forget that boost altogether and buy the market has reached the bottom? When will that be ????
- However, if and when that happens (2-3 years or more from now) will there be banks willing to lend?
- Yes, 300K homes now would cost like 150K.. but how much will my savings now be worth then? The value most likely will drop too wont it?
- N what will happen to rent? Will it continue to climb because more and more people will default on their homes (those that are may lose their jobs in the coming year)
- Or should I just jump anyway, because I have the boost, the reduced interest rate and a 20% for the property? N keep the "Its better to have a home than none" mentality???? Or would that be stupid and naive?
=S
Sorry for the long post, been reading too many D&G articles and now its scaring me a bit to step out and get a dream place that is oh so close...
Thank you for letting me pick at your brains =)