First time home buyer
Hi Terry,
Love listening to you on WGN! My husband and I are first time home buyers in the northwest suburbs of Chicago. The market is insane. We put in two different offers, but ultimately didn’t get picked. Do you think there’s any hope for us? We can’t do a cash offer… do you think things will get better in a couple of months? If you had to guess, do you think a recession is on the horizon? I know you don’t have a crystal ball… haha. Thanks in advance for your time!
Terry Says
At this point, I think you’ve missed the market and would be wise to wait until the inevitable recession comes along — maybe not until next year. That’s painful — but mortgage rates are still climbing and people are still fighting over they few houses on the market. And that’s never a good time to buy in hindsight.
And since you’re in Illinois check on first time home buyer programs:
https://www.fhaloans.com/lp/?utm_campaign=national&utm_source=google&utm_medium=cpc&adpos=&src=adw&adg=fhagenfthbp&desc=program2&gclid=EAIaIQobChMIkqzRpY2K9wIVAfezCh1AWgKBEAAYASAAEgKesfD_BwE
