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Fewer first-time home buyers flattens housing market numbers

| Dec 30, 2014 | Real Estate Transactions |

Phoenix’s real property sales have taken a shift over the past couple of years, resulting in lower market numbers now. After the housing crash it appears as if the Valley’s housing market has stabilized. Median single-family home sales increased in price only 4 percent from last year. The region has seen a small increase in investor-related business and new home sales, but demand in the market still remains low-down 5 percent from last year.

The numbers for first-time homebuyers, in particular, have stalled. Reasons for the drop may include the increasing length of time families wait before purchasing a home and the unfortunate factor of many individuals’ credit scores dropping during the recession and needing time for rebuilding. Foreclosures in the area have also dropped considerably-19 percent when comparing last October to October of this year. Market evaluators are hoping the introduction of home loans with lower, 3 percent down payments will help to boost the numbers next year.

For many first home buyers, the decision can be overwhelming. Obtaining financing and finding an affordable home may seem almost impossible, but a few tips may help ease some of the stress. A key consideration for many first-time homebuyers is whether it will be a starter house or a lifelong home. Many buyers begin by purchasing a home with plans to upgrade to a larger one later. Other buyers look to find a home with great potential that requires fixing up-an easy way to enter the market and increase a home’s value within a short time. Other ways to get a great deal include looking in non-conventional places-a home listed for short sale usually sells for less than the remaining mortgage and foreclosed or probate properties also may sell at a lower rate. A final option to consider is buying a home jointly or purchasing a home with rental potential.

Purchasing a home for the first time does not have to be as conventional as previously thought. Many options are available to help first-time homebuyers enter the real estate market.

Source: ASU News, “Phoenix housing market ready to end a relatively flat year“, Debbie Freeman, Dec. 16, 2014

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