Best time for first-time homebuyer in years
Many first-time homebuyers who have been unable to own a home are finding opportunity knocking once again. As home values fall in many real estate markets and low interest rates stay stable, factors are aligning to make this a good time for first-time buyers to be in the market. Since first-time homebuyers don't have the challenge of selling a home in order to buy another makes the deal even better.
Home values have dropped dramatically over the past year. New listings are competing against a glut of inventory as well as bank owned properties and short sales. This offers sellers plenty of incentives to price their home right the first-time.
While most markets are seeing some excellent prices right now, there are also barriers that first-time buyers will need to be aware of.
Lenders had tightened up their standards in the last year in an effort to reduce their risk. Today's buyers will need to have higher credit scores and down payments for their dream home. Now, more than ever, homebuyers should be pre-qualified before they start looking at home. Pre-qualification will let the buyer know how much house you can afford and is often required by the seller when presenting an offer on a home.
Insurance rates are based on location and risk - we all know that. Many people are unaware that their insurance rates are also based on their credit scores. Those with good credit get better rates. Insurance providers are known to offer better rates to those who buy a package deal, perhaps including your car or life insurance.
Those looking to buy short sale and foreclosure properties often overlook more competitively priced homes in the same neighborhoods with motivated sellers. Sellers who have substantial equity in their property frequently present the best home bargains these days.
Simply put, this is one of the best real estate markets for first-time homebuyer in a very long time.
Please tell me how I can be of assistance in finding your home in the greater Pensacola and Destin area in this current real estate market.
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