If you’re sure you want to buy and you’re just waiting for property prices to drop, PAY ATTENTION: changes in the market may well begin a tornado of house sales. Fannie & Freddie have now been taken over by Uncle Sam and the immediate result (so far) is falling rates, specifically the 30 Year Fixed rates. If rumor comes true, they’ll also loosen some of the lending guidelines making more people qualified to buy. We may well see the market flooded with buyers.
Also keep in mind that the drop in rates will inspire home-owners not currently upside down in their home value to refinance, clogging the lending engine. If you don’t want to wait in line behind the rush of buyers, get yourself qualified now and start circling your potential purchases. That way, when the time & price are right you can pounce.
Don’t get caught off guard; times, they are a-changing.
