Spring is typically a busy time for Michigans real estate market, I believe this week's spike in interest rates could put first-time home buyers in the mood for a new nest.
"Our local market is certainly driven by the first-time home buyers and they seem to be very well informed and know what they are looking for," "We spend less time now educating the first-time buyers now than we ever did."
Many prospective buyers who are looking at properties and weighing their options before they make the move to a new home. But some financial institutions have raised their rates this week, which could get buyers cracking before they go hig
First-time buyers include young single people, newlyweds, recently separated or divorced people who are making a fresh start, and even people in their 40s who have decided to make the jump from apartment living to their own home.
"First-time buyers who are couples don't seek condominiums as their first choice because the young buyer will usually want to have an animal as part of their family and most condominiums don't permit that," she says. "Or maybe they're planning to start a family and that has driven them to start thinking about home ownership, and it would be rare to see a first-time buyer, especially a couple, come out of an apartment and go into a buyer position seeking a condo-style apartment, it's just not going to happen."
"The condominiums are favourable purchases for the folks downsizing, going through a change in lifestyle (divorce) or a single-buyer business professional who travels a great deal for their career and would rather own versus renting.
With so many resources online, people are able to do their research on the local market. But more importantly, they are more likely to have gone through the important first step of going to their financial institution to go through the process of pre-approval for a mortgage. During the pre-approval stage, prospective buyers can meet with a counsellor to discuss their personal situation and find out how much of a house they can afford without putting themselves into financial danger.
First-time buyers are more careful about making sure they will have money left over after paying their monthly mortgage.
They're also more aware about the extra costs of home ownership like moving expenses, property taxes, insurance, utilities, maintenance and emergency repairs.
First-time home buyers are important to the overall economy because the purchase of a home will likely be followed by furniture, decorations, appliances, home entertainment systems, tools and things like lawnmowers and snowblowers.
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