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Why First Time Home Buyers Can't Wait Any Longer!

By
Real Estate Agent with Better Homes and Gardens Rand Realty
The perfect storm is happening first time home buyers.  You are in the right place at the right time right NOW.  Inventory of available homes for sale is very high, interest rates are very low, and you can find a great starter home that you can afford if you have your credit and debt under control.  Just like a weather forecast, there is no one who can accurately predict how long this "storm" will last and if you are not actively searching for a home now you might miss this opportunity.


Let's look at the situation as we wake up at the end of January 2009.  We have just witnessed a new administration take charge in Washington.  We can not say for sure what they will do to stimulate the housing market but interest rates probably won't go much lower than they are right now. If you are not currently working with a mortgage professional you could miss these low rates and have to catch them on the up-swing.  I recommend working with a locally based loan officer who can not only get you pre-qualified quickly, help you clear up any issues that may cause a problem when obtaining the loan, and, most importantly in this case, keep an eye on the interest rates and alert you if they start to rise dramatically.

Many of you may be waiting for spring to start your housing search.  Spring may be too late.  Not only are the interest rates not predictable with certainty, we also have many first time home buyers who will be trying to find something to buy before the deadline for the $7500 First Time Home buyer Tax Credit Program which is currently legislated to end on June 30, 2009.  In my area of New York state the typical closing takes from 45 to 60 days after the accepted offer, so in order to close by the deadline you will need to find the home, negotiate the sale price, and have that accepted offer by April 30th.  Most of my first time home buyers spend a lot of time on the computer researching the choices I send them and we go out on tours several times prior to finding the right house.  Don't find yourself left out because you started in spring.  

Right now we have a large inventory of homes for sale but the typical first time home buyer that I am seeing is looking to purchase a home between $150,000 and $250,000.  In this price range the good listings move quickly even today.  You need something decent that you can afford.  It may take a while to find it and win it from all the other first time home buyers who are looking for the same thing.

Working with a dedicated Buyer's Agent will make your search for your home sweet home easier.  The real estate professional will be looking out for your best interests and can help you sort through everything in order to get you into your first home.  If you are looking to purchase your first place in the Great Hudson Valley of New York's Orange, Ulster, or Sullivan Counties I would love to be your Buyer's Agent.  If you are looking anywhere else I can find you an agent who will treat you with the same respect and care that I give to my buying clients.  Please give me a call or send me an email to get started now before this perfect storm passes you by.

I'm Paddy Pizappi - Work with Me and You'll be Happy!  





     

 

Comments(14)

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Mike Saunders
Retired - Athens, GA

Paddy - for those who are financially qualified, this is a fantastic time to purchase that first (or subsequent) home.

Jan 21, 2009 11:29 PM
Paddy (Patricia) Pizappi
Better Homes and Gardens Rand Realty - Pine Bush, NY
Real Estate Associate Broker Hudson Valley NY

You are so right Mike.  I hope many will take advantage of this perfect storm for them.

Jan 22, 2009 12:06 AM
Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Hi Paddy - You are absolutely right!  Conditions are perfect for not only "first-time" home buyers but buyers and investors as well.  There is opportunity in this market for those who can qualify for a loan and have the assets to put money down.  This is the time to buy; it won't last forever!

Jan 22, 2009 01:15 AM
Susan Mangigian
RE/MAX Preferred - West Chester, PA
Chester & Delaware County Homes, Delaware and Ches

Great post Paddy!!

Jan 22, 2009 02:05 AM
Paddy (Patricia) Pizappi
Better Homes and Gardens Rand Realty - Pine Bush, NY
Real Estate Associate Broker Hudson Valley NY

Jon, you are rigt about the investors and move up buyers too.  It is a time for action.

Thank you Susan

Jan 22, 2009 03:28 AM
Kevin Vitali
EXIT Realty Beatrice Associates - Middleton, MA
Helping Massachusetts Home Buyers and Home Sellers

In the Massachusetts area, I am seeing some houses selling close to what it might cost to purchase the land and build.  Makes you wonder if prices can drop any lower.  Also with population forecasts we are going to need more housing in the foreseeable future.  Just some thoughts.

Jan 22, 2009 03:37 AM
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

No matter what...watch the interest rates! Some keep waiting and waiting for prices to drop further and in the meantime the interest rates may go up further. NOW is the time.

Jan 22, 2009 04:56 AM
Harold "Hal" Place
A1 Connection Realty, Inc. - Sun City Center, FL

Hi Paddy.

First time home buyers couldn't be in a better postion! Interest rates are so attractive abd there are so many other incentives available. That coupled with inventory they should be running to the table.

Jan 22, 2009 09:27 AM
Paddy (Patricia) Pizappi
Better Homes and Gardens Rand Realty - Pine Bush, NY
Real Estate Associate Broker Hudson Valley NY

We are seeing that too Kevin.  The builders are facing high carrying costs and they are pricing them to really move.

So right, the interest rates are the key Sally.  Even if prices drop further a higher interest rate means paying more over the life of the loan.

I agree Hal Have a great Friday

Jan 22, 2009 09:40 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Paddy, I think this is the BEST time to buy.  I'm afraid those that are waiting for better rates may lose out.

Jan 22, 2009 10:26 PM
Danny Thornton
R & D Art - Knoxville, TN
WordPress Guru

Paddy, these buyers need to get off the fence and buy today.

Jan 23, 2009 12:23 PM
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Paddy, you are right about first time home buyers waiting too long. Right now I am swamped with first time buyers... This is a good thing...

Jan 23, 2009 07:49 PM
Jesse Clifton
Jesse Clifton & Associates - Fairbanks, AK

Great post, Paddy.  For those folks in a position to buy this could be the best time they'll ever see. Low rates, lots of inventory and seller concessions at almost every turn. :) 

Jan 23, 2009 08:25 PM
Paddy (Patricia) Pizappi
Better Homes and Gardens Rand Realty - Pine Bush, NY
Real Estate Associate Broker Hudson Valley NY

I really believe they will Carole.  Now is the time

We keep trying to nudge them and those that listen will win Danny.

It is a good thing Michael!

And nothing to sell for them so they don't have to worry about that.  Thanks for the comment Jesse

Jan 23, 2009 11:54 PM