For the past several years the number one problem in the housing market has been that there is not enough supply. The number of homes for sale has been extensively low.
According to Realtor.com, as of last month, this problem has shifted a bit into something different. The number one problem is now time. As in, buyers are “exploring” and not ready to buy immediately. Why the change? There has been a huge shift in the number of first-time home buyers– increasing by 20 percent. The new buyers in search mode are coming across a few problems that must be addressed before they think about the purchase of a new home. Credit score and savings for a down payment are the top two factors. They are and always have been.
If you’re a first-time home buyer beginning your search, check out this article, which details a short list of things you should prepare as you’re readying to buy your new home. Research as much as you can to ensure you’re well prepared!
If you have any questions, don’t hesitate to reach out to us. We can line you up with our preferred lender contact to review financial questions and your options as you delve into the home buying process.