First-Time Homebuyers Say NOW is the Time to Buy

Dublin and San Ramon are seeing an increase in first time buyer activity.

The East Bay housing market is completely different than it was two years ago for first-time buyers. Back then, first time buyers were having to move further out to find affordable housing and even with zero down loans, housing prices were keeping many first time buyers from getting their first home. Housing prices throughout the East Bay have dropped significantly opening the door for first time buyers to find a home closer in.

A recent survey by Centruy 21 found that more than three-quarters (78 percent) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy.

Prices are the driving motivation for potential first-time home buyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy

Besides pricing, the big motivators are the First Time Homebuyer Tax Credit and Low Interest Rates. More than three-quarters (77 percent) of potential first-time home buyers say they are more likely to buy a home in the next six months because of the $8,000 first-time home buyer tax credit offered in the American Recovery and Reinvestment Act of 2009. Out of first-time buyers, 18.1 percent plan to take advantage of the $8,000 tax credit. Current mortgage rates are considered to be affordable by approximately three-quarters (72 percent) of respondents.

Perception about the lending market is a key concern for prospective first-time home buyers. But, if mortgage brokers and lenders will tell you that banks have money to loan and with the government in control of Fannie Mae and Freddie Mac, first time buyers with good credit and a down payment are going to be able to purchase their first home.

Understanding the real estate transaction process can be challenging for many first-time home buyers. Working with an experienced Realtor can be a big plus for first time buyers – especially when you consider that it usually costs the buyer nothing to use the services of a real estate agent.

We offer our first time buyers a free copy of Your First Home, the best selling real estate book by Gary Keller, to help them understand the entire process from making an offer to closing escrow.

Our FREE In-Depth Market reports updated weekly, break data down by zip code and price point.

Contact Craig for your free copy or more help with buying your first home.  925-984-4910

Many first time buyers are buying homes in Dublin, San Ramon, Concord and Walnut Creek.