IT'S A BEAUTIFUL DAY IN VENICE, FLORIDA
SUNNY WITH A HIGH OF 79 DEGREES!
I came across an article on Real Estate Today. They are saying that young, first time home buyers are coming out in and flooding the market. Now more than ever it is affordable for people in their twenties and thirties to buy their first home. With prices back down, mortgage interest rates low, and the $8,000 tax credit, young people find it more affordable to buy their first home. This is starting first time home buyers off on the right foot when it comes to investing in Real Estate. They say that the first time home buyer stays in their first house on average 10 years. When they do want to move after that time they will see that their investment served them well.
The NAR vice president of research, Paul Bishop, reported that first-time buyers occupied the highest share of the market in history in the past 12 months. This is a great sign that the market is starting its recovery. These buyers are vital to not only the housing market but the whole economy as a whole. The market heals from the bottom up.
With the market healing from the bottom up it is important for fist time home buyers to absorb the inventory. Excerpts from the 2009 Profile state that the typical home price for a first time home buyer is $156,000. In some cases it is less expensive for a buyer to purchase a home than it is to pay rent.
With homes being less expensive than they were in 2008, it is important for first time home buyers to look at the value they can get in a foreclosure. Foreclosures possess a great value to buyers. They are usually price below other homes for sale. One thing that a first time home buyer that is purchasing a foreclosure should do is have a home inspection. Although the bank will not pay for any repairs it is important for them to know what they are getting themselves into. For around $180 dollars they will have piece of mind about the property they are purchasing.
This is all great news for the market recovery but we still have a ways to go. I am hopeful that we will see the market start to slowly recover by end of next year. As 2010 gets started I believe we will see first time home buyers less hesitant to purchase homes in fear that we haven't hit the bottom yet.
STEVE FORBES
1000 TAMIAMI TRAIL
VENICE,FLORIDA
34285
1-941-204-7402
WWW.STEVEFORBESSELLSFLORIDA.COM
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