If there is anyone who can benefit from the current state of the Real Estate market it’s first time home buyers. Home prices are reasonable and there are plenty to choose from on the market. Interest rates are low and loans are easy to come by for buyers with good credit.
In the past many first time home buyers were shut out of the market, not able to afford to buy when home prices were at their peak. Many buyers who were looking to buy over the last couple of years decided to hold off and make do with their current housing situations. Those buyers are now finding that the homes that they could not afford in the past have become affordable.
Since first time buyers do not have homes to sell, they are in a terrific position in this market. In the past first time buyers often had to take advantage of government programs to be able to buy, many of those programs have dried up recently. Fortunately prices have gotten low enough that buyers no longer need them to buy.
First time buyers are anyone who hasn’t owned a home in the past three years. First time buyers can be individuals from any stage of life, anyone from newlyweds, to retirees. Agents are reporting that many of their clients who are actively seeking homes now are first time buyers.
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