Montgomery County First Time Home Buyers

First-Time home buyers continue to thrive in this market. Historically low interest rates, new tax credits, large inventory, and aggressive pricing by sellers has attracted many people to the thrill of home buying and ownership. Recently, I have been working with a very large number of first-timers. I have found that most of these buyers are looking within a price range of $250,000 and less. Between 2004 and 2007 it would have been almost unheard of to find a detached home or even a town-home in Montgomery County within this price range. However, due to the reasons stated above, I am helping more and more people accomplish this dream and goal.

Of course, many of these homes are bank owned or are selling through the short sale process, but not all. Even "normal/conventional" sellers must compete with the aggressive pricing caused by the high number of foreclosure or distressed sellers. Not only are buyers getting great deals, but they are also finding out that they can purchase a home while having the sellers pay their closing costs. While it has become harder to find down payment assistance, it has become almost standard to have the seller pay all of the buyers closing costs. In some cases, buyers can get a seller subsidy even greater then their required cash to close. Usually, closing costs are about 3% of the sales price. Lately, I have helped buyers get up to a 6% seller subsidy and use the additional funds to buy down their already historically low interest rate.

As a friendly reminder to my readers and any first time home buyer it is imperative that you speak with a loan officer first and complete a loan application. The fun part of shopping for homes with a realtor cannot begin until you know what you are approved for and what you are comfortable on a monthly basis.