If there was ever a market for the first-time home buyer….2012 is it!! Home prices have hit rock bottom, and interest rates are hovering in the high 3’s. The combination of lower prices, cheap mortgage rates and tax deductions has produced some of the most favorable conditions for home buyers in years. Home affordability is the best it’s been since 1971. This is a great opportunity for a new generation to invest in the American Dream. Homeownership is still considered the best long-term investment.
With the Spring market upon us, the selection of inventory is beginning to grow. There are plenty of great deals available to the first-time home buyer, but many are afraid to take the plunge from renting to owning. The National Association of REALTORS survey shows that 75% of first-time homebuyers said that finding the right property was the hardest part of the buying experience. A good real estate professional can guide you through the entire process and make the experience much easier. A local agent knows the inventory well and can help answer questions on the neighborhood, schools, resale value and more. Some agents even offer First-Time Buyer Consultations to help prepare potential buyers for the different steps they’ll face during the purchase process.
First-time home buyers have many advantages in this type of market. Many are still living with parents or are in short-term rentals so their closing dates can be more flexible which appeals to most Sellers. Since they don’t need to sell a home before purchasing, they have a distinct advantage over competing offers. Most sellers prefer not take an offer with a home sale contingency.
With the right employment and credit history, there are many loans available to the first- time home buyer. Loan programs like FHA or Rural Housing allow buyers to purchase with as little at 3.5% down or in the case of Rural Housing even 100% financing is available. Communities also benefit from first-time home buyers … they take care of their property, get involved, and contribute to the economy. Although the housing market has taken a beating in the last couple of years, new home buyers will help lead us to the road to recovery.
David Nease has always made family priority #1, both in his life as well as his business. That’s why more and more families trust his expertise as one of Londonderry’s leading real estate professionals. David lives in Londonderry with his wife Jodie and three young children. He’s a full time Realtor with Prudential Verani Realty specializing in the Londonderry market. For more information on David or his Real Estate services visit www.davidnease.com