Buy NOW First Time Home Buyers!

Although the headlines would lead you to believe that credit is no longer available for first time home buyers, the Jackson Group has helped a number of first time home buyers this past summer -  working though the challenges to reach a happy closing with each client.

There are misconceptions about the market these days, the first being that first-time home buyers no longer qualify for a loan. Au contraire!  This summer, we helped 4 first-time home buyers purchase their first home. Each buyer had a down payment and the sellers helped out with the closing costs. In the end, the buyers are enjoying pride of home ownership,  lower prices, low interest rates and a quality home in a desirable area. They are also going to benefit from a $7500 tax credit for 2008 for first time home buyers only. What a deal!

Our buyer clients found deals that were NOT foreclosures. Distressed properties are not always the best place to look for a deal.  Many individual sellers have the capacity to accept an offer lower than their asking price. The truth is, most sellers active in this market are aware of the new dynamic in prices and are willing to accept less for their home than they would have last year.

Our advice to buyers in this market is to get your finances in order- talk to a mortgage broker (and class us if you want a good referral) and learn what you can afford today.  See if the picture today makes a difference, and if so, buy now! Prices are low and interest rates are lower and there are many good homes on the market in Portland to choose for your own.

October 9, 2008 · Filed Under First Time Home Buyers

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