Today’s market presents incredible opportunities for first-time home buyers. Because first-time buyers aren’t concerned with selling an existing home, they have more flexibility in entering the market. Attractive home prices, plentiful inventory, low interest rates and desirable loan programs make this an optimal time for entry-level buyers.
In addition, the Housing and Economic Recovery Act of 2008 allows first-time home buyers to take a $8,000 tax credit from the purchase of a single-family home, town home or condo through December 31st, 2009.
According to the 2008 National Association of Realtors Profile of Home Buyers and Sellers, the median age of first-time home buyers was 30, with an income of $60,600. The typical first-time buyer purchased a home valued at $165,000, with a down payment of 4 percent, and plans to stay in that home for 10 years. More than two-thirds of buyers used savings for their down payment, and 92 percent of first timers chose a fixed-rate mortgage.
If you’re considering your first home, now is the best time in history to make your move. Please contact me to discuss loan programs and special incentives available to help you become a homeowner.
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