FIRST TIME HOME BUYERS ON THE MOVE!

    Tired of renting? Ready for a place you can call your own? If you are thinking of purchasing your first home, the market conditions are in your favor. According to HouseHunt.com, 54% of existing home purchases in the second quarter of 2008 were made by first time home buyers. This number reflects an increase of about 15% over previous months. According to Michael Bearden, HouseHunt’s president and CEO, “First time buyers normally represent 35-40% of home sales activity.” There are many advantages to home ownership, and many reasons why the market is conducive to first time buyers.

    Renting can become a little pricey, especially in high demand areas. The cost of a monthly mortgage is often less than rent payments. Plus, by investing your hard earned money into your own home rather than into the cost of rent, you can build equity that will serve you well in the future. According to FreddieMac.com, “Owning a home and building equity is the single greatest source of financial security and independence for the majority of people who’ve taken this step.” First time buyers have a leg up on others in the market for a new home. You don’t have to worry about missing out on the home of your dreams while waiting on your current home to sell! Embrace the freedom to go ahead and find the home you have always wanted and get a move on.

    With interest rates relatively low, it is easier to find the financing needed to make home ownership affordable. There are many loan options available, it’s just a matter of finding the one that’s right for you. If increasing rates are a concern, opt for a fixed-rate mortgage. Your lender can help determine what type of financing best suits your needs. There are a plethora of homes currently on the market at unheard of prices. While the value of the homes are not depreciating, the current conditions are forcing their prices down. Better snag that deal before someone beats you to it! These are but a few reasons why it is a great time for first time home buyers. Don’t hesitate—now’s the time to make your move!

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    Our agents write often to give you the latest insights on owning a home or property in the local area.