Here are the best cities for first-time homebuyers: Via ForbesAdvisor
Prices are rising this year because of low inventory and elevated demand. In August, existing homes for sale were down 25.8% from the same time last year. This sizable shortage is causing home prices to jump.
For first-time buyers who typically don’t have a big down payment, homes can be prohibitively expensive, causing them to back out or wait. In August, first-time buyers made up 29% of home sales, down from 33% last year. Lawrence Yun, chief economist at the National Association of Realtors, says that first-time homebuyers “have merely paused their search, but their desire and need for a home remain.”Even with rising prices and tight inventory, many first-time homebuyers are still taking their shot at the American dream. Some people have left costly metros in search of more affordable housing, while others have tapped their retirement savings to come up with bigger down payments.
“Currently the power of your dollar is going further due to near historically low-interest rates. You may be preapproved for $225,000 now, but when interest rates go up, you may only qualify for $200,000,” says David Hall, president and CEO of Hall Financial. “We’ve also seen what we would call ‘abnormal’ appreciation recently. Typically, homes in a good market will appreciate 5% to 6% each year, whereas we’ve seen appreciation between 10% to 20%.
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