Number Of First Time Home Buyer In The Market Has Increased

Dated: 09/09/2016

Views: 749

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According to Realtor.com 35 percent of buyers within the market are first-time home buyers. This number has increased to 51 percent this year. As more first-time home buyers enter the market the challenges that many face are the dealing with the financial hurdles according to realtors.com chief economist Jonathan Smoke.

The specific hurdles first time buyers report:

  • 9 % report qualifying for a mortgage is most difficult. This number is up 5.6 percent as compared to 2015. 

  • 19.5 percent of buyers say they need to improve their credit score which has almost doubled since 2015.

  • Having enough funds for down payment is another concern among new home buyers and this % has increased to about 25 percent for first time buyers.




According to National Statistics the market has still seen growth even with higher prices in part because the very qualified buyers who were able to obtain the mortgages are the norm today. The question is whether a bigger share of first-time home buyers will be ready or capable of obtaining a mortgage loan and closing according to Smoke with Realtor.com


Tips for making the move sooner rather than later:

  • Get your finances in order: Know your FICO score, make efforts to get it above 700 to secure a better interest rate.

  • Know what you need for down payment: Depending on the type of mortgage loan as little as 3.5% would be required as down payment. There are also many down payment assistance programs available to help.

  • Pre-approval first: Speak with a lender and find out what your purchasing power is first. This also conveys to the sellers that you are a serious buyer, you have your finances in place to purchase and have the ability to close.


Give Best Priced Properties a call and ask to speak with a Certified Expert Home Buying Advisor. 

Melissa Banki  936-445-0216 (CHBA, CHSA) Certified Expert Home Buying and Selling Advisors. Let us help educate you about the market and put together a Smart Home Buying Strategy customized to your needs! CALL OR TEXT. As local real estate experts in The Woodlands, Spring, Shenandoah, Magnolia, Montgomery, Conroe and Greater North Houston/Houston Metro areas we can save you valuable time & money! 


 


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Melissa Banki | Texas REALTOR®

Texas REALTOR® Hite Properties Best Priced Properties Team in The Woodlands, TX Cell: 936-445-0216 Office: 936-270-8090 ext 101 E-fax: 936-270-8774 Client First! We believe our clients should....

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