Working with first time buyers today, as we must already know, is very different from what it was like just 2-3 years ago.
Yesterday, they were afraid they'll lose out by not buying a house --- any house at any rate.
Today, they're afraid they may over pay for a house if the market continues to slide, or the interest rates are too high.
For those who are concerned that the interest rates are "too high" I like to share with them this history of the 30-year mortgage. Perhaps some of us still remember when they were 18%. People literally camped overnight in front of a bank where lines snaked around the block while they were waiting to get whatever mortgage loans were available at a time. That's when people were afraid they couldn't get a mortgage because money was tight. Is this a case of "Remember when....?"
