It’s happening. We’ve been predicting that once some things changed in the market first time buyers would increase. Now we’re seeing the double-whammy. Mortgage rates have started inching up and sales are up at the same time. So buyers that have been on the sidelines are now getting antsy and are pushing their way in. Increased demand is now pushing prices higher. So many buyers are jumping in before the higher prices and rates get worse. Mix that with the fact that FHA loan fees are going higher and there’s no reason to wait. In February first time home buyers were more than a third of the total market. It’s the third straight month they’ve increased. And the Spring/Summer season will only bring more.
So what does this mean for you? Two things. As a first time home buyer you DO NOT NEED TO WAIT. It’s only going to get worse. Second, make sure you have an agent that is familiar with low down payment loans. You don’t have to go FHA (did you know Wells Fargo has a 2% down, no PMI loan ?) and FHA can be and is getting more expensive. Don’t delay. You need to be formulating your strategy now! Call us today and we can help.