Home > Buying a home, Uncategorized > This is the Moment for 1st Time Home Buyers

This is the Moment for 1st Time Home Buyers

One of the challenges that faces people who are trying to do what we call a “sell/buy” is that selling your home in a buyer’s market (which is where we are right now) often means that the seller will often have to sell his home for less than it was worth a year or two ago. In some cases the seller will actually have to sell his home for less than he paid for it, depending on how long ago it was purchased.

While, in reality, the lower sale price will often be offset by the lower purchase price on the new home, there is great resistance on the part of many home owners to sell for less than they paid.

If you are buying a home for the first time – this market may the perfect time for you to get into a home. The house you want to buy is almost certainly going to sell for less than it would have if you bought it last year or the year before.

There’s no way of knowing if we’re at the bottom of the market yet, so you should be prepared for the possibility that if you buy today your home may actually go down further in value before it goes up.

Everyone’s individual situation is unique, so you should work out the specifics with your Realtor and Lender before making any decisions but if you’ve been holding off on buying your first home this could be the moment.

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