At the risk of stating the obvious, the market has definitely changed in the last year.   It is now more of a buyers market than it has been in at least 7 years.  That means it is time for all the first-time home buyers to come out of the woodwork.  The deals probably aren't going to get much better than they are.  That is precisely what the next series of articles are going to be about - first-time home buyers. 

Is now a good time for a first-time home buyer (FTHB) to purchase a home?

YES!  Now is one of the best times for FTHB's to buy a home.  The reason is both simple and complicated.  The simple reason is prices are down and so are interest rates.  The slightly more complicated reason is the fact that we're in one of the largest foreclosure gluts in US history.  This means that the banks now have to deal with almost impossible number of foreclosures sitting on the books. This helps you because a foreclosure can cost the bank more than $200 per day to keep.  Multiply that by each foreclosure that they own and they may literally be losing hundreds of thousands of dollars a day.  This is good news for FTHB's because the banks must move these homes quickly or face higher losses.  It isn't a guarantee of a deal, but when banks are in this situation it causes them to lower their prices.  This means that even houses which aren't foreclosures must compete with bank owned properties.  This means prices continue to drop.  So combine that with the lower interest rates and several special government programs and non-profit agency's FTHB programs and you could literally purchase a home for the same or less than you are paying in rent.  So in closing, NOW IS A GREAT TIME FOR A FIRST TIME HOME BUYER TO PURCHASE A HOME.

Are you a first time home buyer?  Would you like more information about how I can help you purchase your first home?  Please call me @ 916-376-9328  or drop me a line  Nick@bignicksells.com.  I look forward to hearing from you.   Thanks for reading.  Please call to have your question featured.