The economy is faltering, businesses are closing and unemployment is rising. Anybody want to buy a home?
Advertisement
For many, now may be the perfect time to invest in a piece of property. Even though money is tight, the cost of real estate is going down by the day. And local Realtors say that means the dream of home ownership is within grasp for many first-time buyers.
Jill Spinnenweber, a first-time buyer, is searching for a home in southeastern Sussex County.
"I've been thinking about this for about three years and watching the market," she said. "This is the best time for someone to buy, just as long as you can get financing."
According to Marie Cahill, a Realtor with Connor Jacobsen Realty in Bethany Beach, first-time buyers have already made their presence known as they search for deals.
"It's definitely a good time to buy with interest rates the way they are, especially the Federal Housing Administration rates; they're so low," she said.
Marjie Eckerd, also a Realtor with Connor Jacobsen, has been selling real estate in Delaware since 1982 and said this is not the first time the economy has taken a dive.
"I've been through two such downturns," she said. "I've seen bad times before."
In spite of the hurting economy, Eckerd said the waters have never been more inviting for first-time buyers.
"If you're a first-time homebuyer, with all of the packages that are out there, it's a very good time to purchase," she said. "There are packages available from Fannie Mae and the FHA that make this an excellent time to buy."
Spinnenweber has an advantage over some buyers --she's a licensed Realtor herself. But that doesn't mean she's not facing the same obstacles as other buyers, she said.
The market for homes in Sussex County has been difficult over the past several years, but she's still anxious to live close to the beach and her office, she said. Some locals may even now be able to afford property in an area where the cost of living has traditionally outweighed the average income.
"In the past, everyone has wanted to buy, but nothing has been affordable," she said. "I think at this point, if you're able to get a mortgage, you should be able to get something affordable, especially in this area where it's difficult to get someone who wants to be a first-time homebuyer and have it be their primary home instead of just a vacation home."
Cahill says there are certain things potential buyers can do to ensure they are making an informed purchase.
"The first thing I would tell someone to do is go to a mortgage officer and find out what they can realistically afford," she said. "They need to know so they're not overspending."
Source
No comments:
Post a Comment