Home Affordability Provides Opportunity for First Time Homebuyers

Real Estate Agent with RE/MAX Trinity
  • "The home affordability index is at a 58 month high and I think that first-time buyers have noticed this. ... Thirty-nine percent of homebuyers now are first-time homebuyers."
  • "Interest rates are at historic lows, inventory levels make this a buyers market because there's a lot more to choose from and prices are relatively flat across most of the country."

-- Jim Gillespie, president and CEO, Coldwell Banker, "Real Estate Realities - Interview with Jim Gillespie," CNBC (video) , April 22, 2008.  

"I'm still a believer in the long-term viability of housing as a solid investment if you buy at the right price. This has me thinking that the current shakeout is in fact creating an interesting sweet spot for first-time homebuyers to at least start checking out the market."

-- Suzie Orman, author and TV host, "This Could be the Time to Buy a House," Detroit Free Press , April 21, 2008.

It's too early to talk of a trend, but lower house prices and mortgage rates are bringing buyers out of hibernation, at least in some markets. Provided sellers are prepared to cut prices, buyers are willing to bid, real estate agents say. "I'm seeing a lot more young purchasers. The phones are ringing, multiple offers, more showings, just a lot more activity than we were having."

-- Lauralee Ensign, owner, Fairfield, Calif. real estate office, "Brokers Feel a Pulse in Home Market,"
by Lynn Adler, Reuters, April 16, 2008.



Comments (0)