First Time Home Buyers

The Market is Calling Your Name

So, you’ve just gotten married or planning to get married, start a family and begin your future, but there’s one thing missing…A home of your own.

Good news.  This Spring and Summer just happens to be great times to begin your hunt for that “perfect home.”

For years, the sketchy, up-and-down, predictable-yet-unpredictable housing market seems to have found its sweet spot.  First Time Home Buyers, are you ready for this?

Return on Your Investment

Home prices nationwide are expected to rise by 4.9% this year, according to stats from the National Association of Realtors (NAR).  Higher home prices are great for sellers, but not buyers.  You want to act now before prices rise.  Once you’ve purchased your home, if prices rise, hey, you’re good.  That just means your investment is yielding a return.

Zillow is forecasting an increase in houses and condos for sale this year as builders pick up the pace and more homeowners cash in on their rising equity

Field’s Ripe for the Harvest

It was a long winter, and now sellers are flooding the market to list their homes.  Who can blame them?  The sun is out, the grass is green and the flowers are sprouting.  It’s beautiful out there.  More than just the weather, we’re seeing a more confident outlook.

The number of flipped homes has dropped for the second year in a row, while the foreclosure rate is less than half of what it was two years ago. These are healthy signs for all of us.  With the numbers supporting them, expect to see more homes to choose from this spring and summer.

The American Dream to Become Reality

The percentage of first time home buyers on the market hit its lowest level in decades last year, at just 33% of sales vs. 40% historically.  However, according to a recent survey by BMO Harris Bank, 74% of Americans, ages 18 to 34, plan to buy a new home during the next five years.

No More Wars

Bidding wars should dwindle due to plenty of choices in your local markets.  If another potential buyer does make an offer on a house you’re interested in, simply move on to another house.  It’s always great to have a few options, anyway.

Time’s Running Out

It doesn’t take a rocket scientist to realize we’re it’s a great time to buy and sell.  Interest rates are under 4% for the popular 30-year fixed-term mortgage, compared to 4.34% last year at this time.

However, no good deed goes unpunished.  Representatives from the National Association of Realtors predict the rate for this typical home loan will rise to 4.7% by autumn and 5.3% by 2016.

Bottom-line: If you’ve been sitting on the sidelines, now may be the time to lace up the Nikes and get out on the field.  It’ll all be worth it when you turn the key in the door knob of the house of your dreams that you saved money on and are finally able to call “My Home.”

By Chuck Boggs, Jr.

Owner, Boggs & Associates