First time home buyers in New Hampshire are tossing in the towel. They are discouraged by the lack of inventory and the buying process itself. The market is doing well now and when they find a property they love, it goes under contract before they can even set up a showing. Frustrating? Hell ya and for us agents, too.
Prices Up, Inventory Down
First time home buyers were taking advantage of the lowest interest rates in 50 years and made up 32% of home buyers overall in 2013 and 30% in 2014. That rate fell to 29% in 2015 and in 2016 jumped to 42%. Why? Buyers are in a panic attack now. Home prices are gaining and the amount of “affordable” homes under $250K is about 28% less today. Still not a good reason to give up because we will never see mortgage rates this low again in our lifetimes. A one-half point increase in the mortgage rates, yes a 1/2% higher mortgage rate will reduce a buyers purchase power about $20,000-$30,000. This could mean the difference between a home with a garage and one without.
Get In The Game
Just because the process has tightened up a bit and competition is stiff is no reason to give up on becoming a home owner. Building equity is better than lining your landlord’s pockets. We’ve got to work smarter. Maybe the “dream” home is out of reach at this time but a nice “stepping stone” or a fixer upper could be just the ticket to leap frog into that dream home in the future. Anything worth having or doing is never easy. Understanding the process is key and a successful transaction is something to be proud of in today’s market. Search for a good deal here => First Time Buyers Home Search
Take The Next Step
Find a licensed agent that knows your target area to help you find that bargain. Use their knowledge to make a sound investment and springboard your way to building equity for yourself intead of throwing rent money down the drain.
This Report Brought To You By Marty Patrizi
Marty Patrizi Realtor at The Bean Group, has been helping folks buy, sell, build, and renovate properties since 1988. See what Marty’s clients are saying => Testimonials