Recent headlines paint a challenging picture for first-time homebuyers nationally. Yet in the west metro inventory is actually growing. This makes spring a prime opportunity for first-timers to get in the game.
A look at financial headlines can be discouraging for potential homebuyers.
U.S. Starter Homes Are Scarcer, Pricier, Smaller and More Run-Down - Bloomberg.com 3/20/2018
Nationwide inventory is down and prices are up, creating the appearance of a real barrier to entry for new buyers. Yet as with all things real estate related, location matters and the west metro appears to be bucking the trend.
New listings Feb. 2018 -vs- Feb. 2017
Minnetonka +8.6%
Plymouth +7.9%
Eden Prairie +1.8%
Maple Grove -6.8%
Inventory strength in three of the four major markets versus last year indicates the west metro is faring better than many communities and the tight market may be easing. When coupled with moderate mortgage rates this points to the fact that right here, right now may be precisely the time for newbies to get in the game.
Want to learn more about what exactly that means?
A few resources can help answer some common questions:
Over 30 and Renting: How to know if it’s time to buy
- How can I tell I am ready to buy a new home?
- What factors should I consider?
Home Search Essentials: Finding the Best Realtor
- What makes a good real estate agent?
- What should I expect of them?
Decoding Online Property Listings
- How can I begin to window shop and understand what’s available?
- Are there best practices when searching the internet for a home?
- What are the current market trends for spring 2018?
- What do I need to know?
- How do I qualify for mortgage financing?
- Which mortgage type may be a fit for me?
First Time Homebuyers: Four Pitfalls to Avoid
- How can I leverage the wisdom of other first-time homebuyers?
- What would surprise?
The Bottom Line
While we have created a library of invaluable resources to aid the new homebuyer, they are no substitute for customized solutions. These require a consultation with an expert to listen, answer questions, understand your current situation and help you build a plan for the future.
Zach Adams has helped 100s of clients navigate the selection, financing and purchase of new homes in the west metro. He knows that every client is different and would love to meet you where you are in the process-- all on your timeline with your goals front and center. The home of your dreams is waiting for you. Contact Zach today to get started navigating from dream to reality.