This is not the typical time of year when first time home buyers are out looking for the perfect fit. In fact, this is the time of year when most people are looking for ways to limit their spending. If, however, first time home buyers are looking for a way to save money somewhere down the line, making the decision to purchase a home is often better than continuing to throw funds away on rental property. Especially if you know that you are going to be in area for more than five years, buying a home is often a good investment.
And while the number of houses for sale during the winter months may not be as many as during the summer, first time home buyers who are working with the right real estate agent can still find a great home. Investing in real estate as soon as possible can help you make sure that your money is going toward your investment instead of a landlord’s.
What Are You Looking for in Your First Home Purchase?
Finding the best home for your involves several things. From making sure that there that is a near by school if you have children and near public transportation if you are going to have a long commute. Understanding your price range and how much of a downpayment will be necessary can help you decide the kinds of houses that you should be looking at.
Consider some of these facts and figures about the real estate industry and the impact that these purchases have on the nation’s economy:
- First-time buyers made up 35% of all home buyers in the year 2016. In fact 66% percent of buyers 36 years and younger were first-time buyers.
- 14% of homebuyers in the year 2016 chose a brand new home, while 86% of buyers chose to purchase previously lived-in houses.
- Buyers typically searched for 10 weeks and looked at a median of 10 homes in the year 2016.
- 88% percent of all buyers indicate that they purchased their home through a real estate agent.
- There were 2 million licensed realtors in the U.S. in 2016, according to the National Association of Realtors.
- The average home sale price for a home in the U.S. in March 2016 was $186,000.
If you are hoping for a way to make sure that your holidays are as happy as possible, it is important to make sure that your house hunting involves a reputable and knowledgeable real estate agent.