Of course, you need to be in the right postition to buy
. Have all the money, or a relatively safe job
and 20-25% down at the least
. Don't be buying way above your means
! Buy at a price where you could get by if your income dropped or your spouse lost their job. None of this is rocket science by any means
. It's what buyers should have been doing all along and banks / mortgagors should have done
due diligence to make loans to folks that had the verified means to repay
!
With all that said, I believe a lot of side line sitters are going to regret NOT buying soon as credit dries up (completely) and you are STUCK in a rental home / apartment for a veryyyy long time with no hopes of buying unless you have cash $$$$. Possibly having to move numerous times due to your rented home falling into foreclosure
and your neighborhood turning ghetto with drug houses and empty homes with 4 ft weeds growing in the front yard
!!
Plus it appears that some buyers will get their mortgage and / or interest rates written down. I haven't read about any bailouts for RENTERS (lol)
. But homeownership is like the lottery, you've got to get in the game to play
!!!
You HERD it here 1st PEEPS
!