Two offers of three that came in this past week on a townhome we were listing were from young guys whose dads were helping them out. The dads were very involved in helping them look, making wise choices, and perhaps even in the financing. Why?
Not because the kids needed help per se, but because the parents recognize a little urgency in the situation. The fact is that we have not seen anything to match the affordability factor of homes for the first time home buyer in a long, long time. It is estimated that homes are more affordable right now than they have been in three decades! The measure of this is that home prices are down relative to income. Truly right now is a golden opportunity for buyers to get into the major investment of a home.
With the $8000 first time home buyer credit, the low prices, and low interest rates, the time really is NOW.
People keep asking, has the market hit the bottom? My answer to that question is that by the time we know the market has hit the bottom...the moment will be over. The only way we will know that home prices were at their lowest is when we see them rising! And that perfect time that many are waiting for will be missed.
Dads, moms, if you want to do a good thing for your children, give them some guidance and assistance in getting into a home.
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