Those dreaming of buying a first home are in very good company. According to a CNNMoney.com article, Housing Bust? So What? We Still Want to Own, over half of Americans still want to own their own home. In fact, over a quarter of Americans indicated are even MORE likely to buy real estate since the foreclosure crisis.
Does this surprise you? Not me. As a REALTOR® who has sold homes during this entire decade of rising and falling housing prices, one thing has remained constant: People prefer the freedom of owning their own house and piece of land. Whether it is a multi-level on a corner lot in Shoreview, a rambler on acreage in Anoka County or 50 feet of sandy lakeshore on Forest Lake, people want to OWN! The biggest change (and reason I believe that there has been a rise in wanting to own) is simple. Owing a home is affordable again!
Home prices have started to stabilize and even inch upwards in some communities at the lower price points. But overall housing prices in the Twin Cities remain at all time lows. This past year we saw first time buyer and starter priced homes start to sell again. Inventory is low for starter homes and demand is picking up. Though most communities are seeing significantly lower housing prices than a few years ago, prices are starting to edge up again. Record low interest rates combined with low prices meant that there was a really opportunity for the first time home buyer in 2011 and it will continue into 2012 too!
But like last year, first time homebuyers must have a down payment. It is also important to have some cash reserved for repairs, remodeling and of course new furnishings for the new house! So what is the best way for a first time buyer to begin saving?
Here’s a cool financial tool I came across at Mint.com to help would-be first time homebuyers save toward their goal. It is a budgeting tool to show how you are currently spending your money. Once you understand where you are spending your disposable cash, you may choose to divert some of those dollars toward a bigger goal. Check out their "GET YOUR DREAM HOME" that explains their simple system. With a little persistence and perseverance, you may be ringing in 2012 in your very own new home!
Other Articles that Might be of Interest:
Comments(3)