First home buyers that have been unable to own a home are finding opportunity knocking once again. Home values remain affordable 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. First-time homebuyers do not face the challenge of selling a house to buy another one, and this makes the deal even better.
Property values have appreciated over the past year, but first-time homebuyers still can find very affordable opportunities. While most markets are seeing some excellent prices right now, but first-time buyers need to be aware of some barriers too.
Lenders have tightened up their standards to reduce their financial 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 stem from a property’s location and risk; everyone knows that. Many people are unaware that their insurance rates take into consideration credit scores. Buyers that have good credit scores qualify for better interest 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 a short sale and foreclosure property often overlook more competitively priced homes in the same neighborhoods with motivated sellers. Some sellers have substantial equity in their property and frequently presents the best home bargains these days.
Simply put; this is one of the best real estate markets for first home buying in a very long time.
Tell us how one of our real estate agents can assist you in finding your next home in Pensacola or Destin.