Those dreaming of buying a first home are in very good company. According to a CNNMoney.com article, Housing Bust? So What? We Still Want to Own, over half of Americans still want to own their own home. In fact, over a quarter of Americans indicated are even MORE likely to buy real estate since the foreclosure crisis.
Does this surprise you? Not me. As a REALTOR® who has sold homes during this entire decade of rising and falling housing prices, one thing has remained constant: People prefer the freedom of owning their own house and piece of land. Whether it is a multi-level on a corner lot in Shoreview, a rambler on acreage in Anoka County or 50 feet of sandy lakeshore on Forest Lake, people want to OWN! The biggest change (and reason I believe that there has been a rise in wanting to own) is simple. Owing a home is affordable again!
Home prices have started to stabilize and even inch upwards in some communities at the lower price points. But overall housing prices in the Twin Cities remain at all time lows. This past year we saw first time buyer and starter priced homes start to sell again. Inventory is low for starter homes and demand is picking up. Though most communities are seeing significantly lower housing prices than a few years ago, prices are starting to edge up again. Record low interest rates combined with low prices meant that there was a really opportunity for the first time home buyer in 2011 and it will continue into 2012 too!
But like last year, first time homebuyers must have a down payment. It is also important to have some cash reserved for repairs, remodeling and of course new furnishings for the new house! So what is the best way for a first time buyer to begin saving?
Here’s a cool financial tool I came across at Mint.com to help would-be first time homebuyers save toward their goal. It is a budgeting tool to show how you are currently spending your money. Once you understand where you are spending your disposable cash, you may choose to divert some of those dollars toward a bigger goal. Check out their "GET YOUR DREAM HOME" that explains their simple system. With a little persistence and perseverance, you may be ringing in 2012 in your very own new home!
Other Articles that Might be of Interest:
- Foreclosures and Disclosures - Do I Need An Inspection on a foreclosed home?
- Real Estate Agent Selection Primer—How to Choose the BEST Realtor for YOU!
- Rethink the Bridal Registry! Today's Bride and Groom Want a First HOME!
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet or FREE Homebuyers Success Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota..JPG)
Buying a Home? Check out my HOME BUYER'S BLOG!
Copyright 2012 Teri Eckholm http://www.terieckholm.com/
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Hi Teri, Love you post. Great wisdom. I think we are going to have a good year 2012. I hope you had a nice Christmas and i wish you a very happy New Year.
Teri
Totally with you. Now more than ever buyers need a great new year resolution to buy a home
Teri ~ I think there is some pent up demand for home ownership. 2012 should be a very busy year in most communities. I am cautiously optimistic.