Home Sales Are Up Again…Thanks To First Time Home Buyers
Why rent a home when you can purchase a new home and have a payment very close to what you may be paying for rent? According to Realtor.com, home sales are up and a majority of the people purchasing new homes are first time home buyers. First-time buyers in May represented 32% of all sales, up from 30% in April and 27% a year ago.
A first time home buyer is anyone that has not owned a home in 3 years. When you are labeled as a first time home buyer, there are many perks available for you! You can qualify for down payment assistance, closing cost assistance, and you can even qualify for a mortgage that requires you to put down little or no money for a down payment.
According to the NAR, 45% of homes sold in May were on the market for less than a month. While that’s good for sellers, it’s not so good for buyers. Fast sales lead to higher prices, and the median price of an existing home rose to $228,700 nationally, nearly 8% higher than last May.
Now is the time to purchase your new home while interests rates are low. Talk to one of our agents about the assistance programs that you may qualify for.