Home loan defaults rose in September, producing the most extensive single-month-default increase in many years.
Defaults accelerated to 13.2% in September, the most substantial month-to-month increase since November 2008. This increased the...
They’re right to ask, because starter homes are becoming increasingly scarce in many housing markets.
What’s a first-time buyer to do?
A starter home isn’t necessarily your forever home.
Buyers shopping for their first home need to be open-minded about the location, size and condition of the home they want to buy, says Tim Deihl, associate broker with Gibson Sotheby’s International Realty in Boston.
When you’re up against stiff competition, working with an experienced real estate agent who knows the local market is key.
If you’re thinking about starting a family in the future, don’t focus too much on your home’s location, size and school district just yet, Deihl says.
“You might actually be better off buying a house that’s closer to town so you have more cash flow for property taxes, insurance and living expenses.” Make a strong offer.
When a well-priced starter house comes on the market, the quest to buy it can be “super competitive,” Deihl says.
“We call the listing agent and say, ‘Mr.
“That makes the offer stronger.” Other ways to entice sellers: Offer above asking price (if you can afford to), keep repair requests to a minimum, make a larger down payment or give them more time to move after closing.