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First time home buyer: Discounts are here!

First time home buyers, be prepared! Mortgage rates are very low and real estate prices are getting lower. This is an opportune time to purchase your first house or condo. A real estate crash can cause a lot pain to existing home owners, but it can be a benefit for a first time buyer.

A few years back, home prices flew into the stratosphere. This left many potential home buyers feeling like they had missed the bus. The good news is that the crash has brought a new bus. Of course by bus, I mean opportunity.

You see, the thing about real estate booms is that real estate prices go way up much higher than they should. They got so high in fact, that first time home buyers were priced out of the market. These high prices are the cause of the current real estate bust. Logic states that prices should fall back down to equilibrium right? I mean they should fall back to a point where first timers can afford to get into the market. That is not going to happen.

You see, the thing about real estate crashes is that for a period of time, home prices are lower than they should be. This buyer nirvana will offer chances to claim some great property at basement prices. That time is fast approaching. It has already arrived in some parts of the country. Keep your eyes open and be patient. Unlike during the boom, first time home buyers now have time on their side. Fear is so thick that real estate prices will not shoot up anytime in the near future.

Find a house you can afford, get a low mortgage rate, and use a real estate agent in your area that gives real estate rebates. Get the best of all worlds. It is a great time to be intelligent for first time home buyers!

Written by Andrew -