Things are changing....

I just returned from a day trip (convention) to Charlotte, our largest city here in NC, and a financial hub in the South. We heard a comdedian with a message, and a real estate "guru", had the normal convention lunch...etc. The message that really stuck with me was this, the way we have grown accustomed to buying homes, and I do mean home, the places we nest and find comfort in, is in serious danger of changing.

The mortgage broker will be a thing of the past, as only your banks will loan money for your home loan, 20% is coming as a down payment with no exceptions, and the 30 year fixed mortgage will be obsolete. You will have a mortgage with rates that will reset every 5 years. This will prevent most of the working middle class from ever owning a home, and forget about it if you are self-employed! Rentals will become scarce and expensive, and public housing will see an upsurge, if the government doesn't go broke first.

The lesson to take from this is; if you can, buy a house, or two, or three. Rent the excess homes to your friends and family who will need them. Never again in our lifetime will there be this perfect storm of low fixed rates and low prices.

This is not a sales pitch...it is a warning call. Dead serious.