Buying a home that you simply can’t afford is now taboo in this now smarter, more conservative, and ultimately healthier market. It’s one that takes the pendulum swing back toward prudence and restraint. How buyers buy, guidelines for bigger down payments, and qualifications for mortgages have all become more stringent.
The year 2000 marked the beginning of the wild era of overspeculation. The traditional rules of home buying were ignored, disregarded, and abandoned. All the classic rules that had been the guidelines for the past forty years were cast aside, and a whole new way of real estate investing emerged. What was the outcome of this complete disregard for the classic time-tested rules of home buying? The outcome is the “New Rules for Today’s New Market.”
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