I came across this great article in the wsj.com titled: New Rules for First-Time Home Buyers. New rules because times have changed therefore first-time buyers in today’s real estate market need to maybe consider the following points.
1. Brace for competition aka Cash Is King. Following the housing downturn, desperate sellers were often eager to accept an offer – any offer. But now, first-time buyers looking for discounted prices may be disappointed. Over the past few months, investors, international buyers, and downsizing retirees have made a noticeable impact on the market, because they’re paying with cash. In January, about 32% of purchases were made with all cash, up from 26% a year ago, according to the NAR.
2. Put more money down
3. Stay for a decade
Read full article in wsj.com