New research from the National Association of Realtors is showing that housing is affordable for first-time home buyers. As home prices have been on the rise the last few years, there have been reports that it's gotten way to expensive for first time home buyers. But Kelly Hand with HomeSmart Realty is going right along with the latest research
First-time home buyers are very much in the market," Hand said. In fact, 4 out of my last 5 buyers were first-time home buyers, and that's the 'American dream,' they want to own a home just like their parents and grandparents and they are figuring out the ways to do it."
Hand has some advice for those looking to purchase their first home.
Get a relationship with a local lender, at least 60 days prior to even looking for a house. So you know your number, you know what range you can get into, how much you need to put down, and how much your monthly note will be."
You'll also find out your credit score.
Hand says the higher the credit score, the lower the interest rate.
She says in fact most first time home buyers are looking for that 3-bedroom 2-bath home because they are thinking of raising a family.