We could be in a perfect storm of real estate-buying opportunity right now: near record-low interest rates, falling prices, and a buyers’ market.
Imagine locking in a long-term mortage loan at today’s low interest rate and 2009 dollars and paying it back over 15-30 years in devalued currency, while watching interest rates soar. Rates are invariably going to rise (rember the double digit mortgage rates of the early 1980s?).
If you have cash, or at least a small down payment and a good, steady job with W-2 income (i.e. salary, as opposed to self-employed or 1099 ind. contractor status), then you’re golden. Now is the time to jump in.