Hey First Time Homebuyers - Time to ACT FAST!

Hey First Time Homebuyers - Time to ACT FAST!

Hey First Time Homebuyers - Time to ACT FAST!

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With the rise of home prices and also a shortage of homes on the market, buying a home is being more challenging for first-time home buyers, in particular this spring. If you're trying to transition from renting to being a home owner, I strongly encourage you to act fast! 

According to the National Association of REALTORS®, in March 2018 the average price of an existing home was $250,000. This is up by nearly 6 percent from just one year ago. In addition to the price increases, homes are also selling faster.

“The starter house is nearly missing in some markets,” says Jessica Lautz, NAR’s director of survey research and communication.

This is leading to a lot of buyers being priced out in some areas. Finding a starter home at a lower price is getting harder and harder to find. Just this past week, a home in the DFW area, listed for $475,000 had over 30 people come to the Open House. The home went under contract in a few days. And $475,000 is definietly not a "starter home" price - so just imagine the demand for lower priced homes! 

How can first-time home buyers compete in this market? Well, to increase your chances, home buyers should get pre-approved for a loan, showing that they are a serious buyer. Also, be ready to act quickly when you find a home you like. Make a realistic list of "must-haves" - this should be three to . five items that are definite deal breakers. Get rid of that lengthy list of knit-picky wants! When you find a home that has those three to five must-haves - act on it and have your agent submit your strongest offer.

Another tip - don't wait until you have 20% down payment. Many aspiring home buyers think they need 20% down, however more than half of first-time buyers make down payments of 6 percent or less, according to NAR data from 2017. Both Freddie Mac and Fannie Mae support home loans to eligible buyers who put down as little as 3 percent on a home purchase, as does the FHA. 

Source: "Best Tip to First-Time Buyers: Act Fast", REALTORMag - National Association of Realtors (May 14, 2018)


Amber Johnson Oputa Headshot
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Phone: 972-755-9255
Dated: May 14th 2018
Views: 125
About Amber: Amber Oputa is a millennial mom, wife, Christian, dog lover, world traveler and Dallas Real Estate A...

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