Patience Needed for First-Time Home Buyers in Cedar Rapids Sellers Market

walkthroughBeing a first-time home buyer is both exciting and frightening.  You have also found yourself in a seller’s market.  This means you could find yourself with elevated home prices, due to the sparse inventory, or a bidding war.  Chin up!  Things might just be changing in your favor!

Motivated Sellers

Listing are up 4.5% over the past 3 months.  With this news, sellers will want to get into this market while they can get the best price for their home.  This will give more first-time home buyers more to choose from.  Also, with more houses on the market this will slow the rising prices. New construction is also relieving the pressure.  Single Family building permits are up 9% over the last year, noted by realtor.com® .

Credit

According to the Mortgage Bankers Association(MBA) it is getting easier to get a mortgage than it was a year ago.  Credit availability was up 5 percent compared to last year.  Mortgage rates are still staying low so don’t get discouraged.  Things are slowly starting to go in your favor..

School is Back in Session

This time is probably the best for the first-time home buyers.  Most families will have children going back to school so they will not want to compete after school goes back in session.  This could work in a buyer’s advantage!

Buying your home in this market can be difficult and you might not find what will meet your needs right away.  Having a little patience will go a long way in a Seller’s market.  Contact me today so we can get started looking for your new home!

Follow me on Facebook!

**information provided by the National Association of REALTORS