Factor Driving First-Time Home Purchases
Continuing with our monthly updates, we first take a look at the new housing numbers. Home sales activity is at an annual pace of 5.5 million. Of those houses, their median home price was at $212,000. Those median home prices are at an increase from last year by +14.7%. The average annual rate on a fixed rate mortgage dipped to 4.5%.
First time home buyers are always looking for the right formula that will provide them with their first home that is the perfect fit. Here are the top 3 factors first time home buyers use to help in their selection process:
- The Current Market
- Financial Readiness
- Location and Price
First time home buyers recognize that lower interest rates, lower home prices, and tax breaks make buying a home more appealing.
Proximity to their current rental location and affordability are the leading criteria when buying a home for the first time. For sellers looking to appeal to first time home buyers, your local real estate agent can help you make the most of these factors when you are ready to sell.
As always, contact your local real estate professional with any inquiries about which measures you should take to help you at the closing table.