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https://www.har.com/blogs/detail?id=118539&blogpreview=1

As much as we all hate to see interest rates here where they are now.  To put things in perspective, I paid 13.5% interest on my first property purchased back in 1978.  I wanted to buy a beautiful new house, at the time - I would have had to have spent around $90,000.  Instead, I opted to buy a new 3/2 condo that was  priced at $38,000.  I stayed in that condo for 7.5 years until I purchased an actual single family dwelling.  

The same thing can be accomplished by rolling back your price range.  If you qualify to buy a $350,000 home, consider buying a $250,000 home that can be improved and sold again after 2 years for a NON-FEDERAL TAXED PROFIT.  

A single person can do this every two years making up to a $250,000 profit without paying income tax on the profit.  A married couple can do the same earning up to $500,000 in profit without paying federal income tax.  The trick is, "you must not sell until AFTER 2 years.

Finding a home with good bones is important so that your money can be spent on the more profitable things such as "updates".  If the home has a good roof, and a good HVAC system, no rotted wood, no foundation issues - then you can focus on the cosmetic items.  Those are what I call "the fun items".  Much more fun to add granite than to put up a new roof. 

Using a lender who offers free future refinance should be part of your strategy.

I survived 13.5% interest, it was not fun but, I got it done.  I started earning deduction from my federal taxes for interest and property taxes and I started earning equity.

Right here in the Clear Lake areas, condo's that sold for $60,000 just a few years ago have been selling for over $100,000 in recent times.  Homes that used to sell for $160,000 in subdivisions like Middlebrook have recently sold for $300,000.  Waiting for interest rates to go down is not the answer and even though prices may fall a bit, YOY they have done nothing but go up since 2012.