Monday, March 30, 2015

Chesapeake Real Estate: 1st Time Home Buyers--TIME TO ACT

Act Now

That winter weather is long gone from Hampton Roads!!  Spring has sprung on the meterological calendar and is showing itself in warmer temps in late March.  April will be much of the same.


Savvy sellers and home buyers that have purchased two or more homes are very aware of the need to act now.

Renters that have been aching to stop handing landlords money that they never seen benefit from(other than a foof over their heads) have a prime opportunity.

Prices are up a bit:

But not excessively for the 1st time Home Buyer.  Typically, as a 1st time buyer, the home will be in the lower price ranges which in Chesapeake is in the under $300,000 price range.  Another consideration is the 1st time Home Buyer seeks payments equal or less than rent.  Thus, a second reason this price range is the primary
range for such buyers.

A key reason for the 1st Time Home Buyer(or any buyer) to act now is interest rates.   The rates remain historically fact very historically low.  I had a first time home buyer close on a house last week with a 3.5% rate.  That is less than 1/2 of the historical average mortgage rate of almost 7.5%.

Here is a peak at where some of the top think tanks on interest rates believe rates will go in 2015:

As one can see, now is the time to buy a home in Chesapeake or any where in Hampton Roads!!

Advantageous home prices and low interest rates almost guarantees any renter that they can become an owner and pay less than the rent they were paying.

And all that noise about banks not lending????  All it is noise.  See the rapid improvement in Mortgage Lending below:

So what are you waiting for????

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