The Best Time For First Time Buyers
As a lender, I spend a lot of time helping First Time buyers qualify for a home of their own.
This is why I think right now is the best time for first-timers to buy a house.
When interest rates spike as they did last month and the market cools it is a blessing for those that are not in a position to compete with 15 offers and cash buyers. Everyone thinks they can outsmart the market and pride themselves on not buying when rates are up.
But now that we have a dip in rates due to banking issues you can buy a home at a reasonable price when prices are not going up 10% a month like they were in 2021.
You have a more attractive buyers' market and if you can get in and survive for a couple of years, it is likely you will be refinancing anyway.
I think this market is a blessing for first-timers as builders are selling their products at values under what they originally projected because they need to keep the pipeline flowing.
Sitting on the sideline and waiting for the market to recover may be a strategy for sellers but it just means more competition for folks trying to break into the market.
Branch Manager, NMLS ID#311662
(858)342-8659 cell |
8885 Rio San Diego Dr │ Suite 201 │ San Diego, CA 92108
BIA SanDiego 19 year Member and P2 Sponsor
BIA SMCBoard Member since 2012
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