So, what a difference 6 months makes?
To all first time home buyers: if you were in the market to purchase a home last spring, and may have become discouraged … now is the time to retest the waters!
Although, no one should claim to have a crystal ball on what lies ahead for the housing market, suffice it to say that based on history it is not hard to envision that next spring’s market will tighten once again for the first time home buyer. It almost always does … every spring, you can just about count on it. However, over the past couple of months, as a Lender, we have seen over 50% of our purchase loans allow for either seller paid closing costs, or the purchaser negotiating terms that were less than asking price – or both. Obviously, this is not going to be the case for all transactions as some Sellers still choose to list aggressively in seeking the quickest way to receiving the highest and best offer. Nevertheless, our current market has taken it’s normal post summer shift. Granted, home prices may not be any cheaper now, but the current market is quite different from this past spring when we saw homes bid up $10,000 to $20,000 and more over asking price, with few sellers ever paying the buyers closing costs, and in rare cases, the buyers agreeing to pay for some of the Seller’s closing cost.
When working with the right Realtor/Lender combo, it is once again possible for a 1st time home buyer to purchase a home with a 3.50% down FHA Loan, or zero down RD Loan or VA Loan and have the Seller pay your closing costs! See Priority Mortgage’s: Free Appraisal Offer
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