The best real estate market for first-time home buyers

The best real estate markets for first-time homebuyer in a very long time

Many first-time homebuyers who have previously been priced out of owning their own home are finding opportunity knocking once again. As home prices 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. The fact that they don't have the challenge of selling a home in order to buy another makes the deal even better.

Home prices 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 assisting in finding your new home in the greater Pensacola. and Destin Real Estate Markets.

Call 850-380-9064 or Contact Us

Thank you,

Kim Gibbons
Realtor/Broker