First Time Buyers ensure the health of the Market

I'm starting to see more first-time buyer now than any time in the past year. The prices in my local market have dropped considerably & Sellers are offering great incentives to the Buyers. I think it's a great turnaround!

Condo conversions are all in what the owner did to convert the property to a desireable condo instead of a place to rent..... did they do extensive interior re-modeling, crown molding, adding a dishwasher, disposal, better paint, better roofing, are they having a better landscaper / lawn maintenance crew come around every week when the lawn needs cutting and shrubs need trimming?

 

 

First time buyers programs are helping here, we have one for nurses and teachers.  What they like is where we start if there are no options we move on to their second choice and so on.  Creating affordable housing is tough.  Linda Norton realtor of the year a few years ago did it by converting a large hotel and improving the community.  Takes talent, patience and support from the town which she really cornered.  You may remember her from the NAR ads.

Helps here for sure!

New lending options such as lower interest rates, low or no down payment, 40 year terms, and the like help first time home buyers.  The key that I see is to make sure first time home buyers can actually afford the home and not get them to be home buyers simply because the financing is there for them to be able to do so.

Hi Michelle,

it is amazing how many first time homebuyer programs still exist and haven't been impacted by the current market craziness.  A huge portion of my business are first time buyers and while standards have tightened up, they haven't eliminated credit and income worthy buyers for the market. 

We will see some price correction and this will help but unfortunatly, all of the sfr's and zero lot line condos that are being built are being built on "dirt" that was way overpriced.  The builders are locked in, and it might be a while before we see them willing to sell their product at a loss.

We need inventory that is in the $225-$300 range for SFR's that is for sure.  Condo conversions are a nice thought, but as has been shown in other markets around the country, they do not perform as well as true-built condo's and SFR's. 

Best wishes!