The Real Estate Market is Perfect for 1st Time Homebuyer

I consider myself an extreme advocate for the first time homebuyer. After all in my businesses, they are the ones who need the most representation. While a nice chunk of my business comes from repeat customers and high-end clients, I always take the time to help out the first-timer because I have an affinity for educating consumers. When I get the phone call, it usually goes like this....”I know you usually work with much bigger deals than mine, but I heard you could help me or at least refer me to someone who works with first time buyers.” 

My response to this is “I really appreciate you taking your time to call and I am happy to give you the service and respect you deserve no matter what it is you are trying to do”. That’s right...I don’t turn people away because they ask a lot of questions or require more attention. I look at it as future referrals in the making! 

The next thing we usually discuss is market conditions. Everyone seems indecisive about whether it is a good time to buy or not. I have a few points to discuss today that will hopefully address some key reasons while this is the perfect time to get out of the “rent-race”. If you are a person with decent credit and provable income, you can still take advantage of a delicious dynamic of low interest rates and low down payment programs. 

In addition to excellent interest rates, another portion of the equation is inventory. Right now in America you have plenty of choices from which to select. Using simple economics, a high supply with a decreased demand (due to a smaller segment of our population being eligible to qualify), equals the downward pressure of home prices we are seeing virtually from coast to coast.

Lastly, we have an abundance of motivated sellers and banks. The asset managers of banks are being very generous in negotiating the sale of their foreclosed properties and the economic pinch many homeowners are feeling whether it be from job, adjustable rate maturity, or from their high debt accumulations, are creating a “just get rid of it” mentality which can create a win for a first time homebuyer. 

Investing in your first real estate property can be a bit intimating for most people but like many experiences once you get past doing it once it gets easier. With real estate investments it gets easier both from a personal and financial perspective as well. Do you have questions or concerns holding you back from your first investment? If so let us know and we will do what we can to help you find an answer.