Plunging Home Prices Good News for 1st Time Home Buyers

Good news for First Time Home Buyers! There are great deals out there.

We have found that at the under $250,000 price range that there are multiple offers all competing for the best deals. We have found that buyers who shop with a Realtor have a better chance getting a house than those who do not. Most times than others- First Time Home Buyers  don’t see the listing until it is too late. By the time they put in an offer, they are already beat out.

Read the article below on some great stats.

NATIONAL ASSOCIATION OF REALTORS® (NAR), the median home price First time home buyersnationwide in December was down 15 percent to $175,400. With current interest rates at or near historic lows, borrowers with a 10 percent down payment could save $254 per month on a median-priced home compared with a year ago.

  •  The percentage of First Time Home Owners that could afford to buy an entry-level home in California stood at 53 percent in the third quarter of 2008, compared with 24 percent for the same period a year ago, according to the CALIFORNIA ASSOCIATION OF REACTORS® (C.A.R.).
  • The minimum household income needed to purchase an entry-level home at $287,760 in California in the third quarter of 2008 was $56,100, based on an adjustable interest rate of 5.91 percent and assuming a 10 percent down payment. The monthly payment including taxes and insurance was $1,870 for the third quarter of 2008.

To read the full story, please click here

For more reading:

Snag a Deal on a Short Sale

Home Ownership more appealing than renting

New Home Buyer Fence Sitters may Lose out to Market

Questions on the 8,000 Federal Tax Credit

Kathy Dyer Realtor CABRE #01723710

kdyer@KW.com  831-717-7047

KW Coastal Estates

Carmel Ca. 93923

Kathy Dyer Realtor with KW Coastal Estates serving the Monterey Peninsula area

 

Short Sale Specialist

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