First-Time Homebuyers: Your Time Is Now

First-Time Homebuyers: Your Time Is Now

RECBL - Real Estate News

Fall is for first-timers. If you believe you missed your opportunity for a chance to pick up your first home this past summer, think again.

In this era of investment, the best property investments may be in other cities. Even if you intend to stay close to home, knowing what’s going on in other states might provide a superior return on investment.

As you may have read in my very popular post on US Housing Predictionsfor 2018 to 2020, the US housing market is hot and some cities are hotter than others. No housing crash is forecasted.

Even normally depressed quiet markets are coming to life and beginning to catch investor’s eyes. It’s good news for Michigan, Florida, California, Texas, and New York and even better for real estate investors in 2018.

Scorching hot opportunity in the best cities! Will the hot markets of San Francisco, San Jose, Silicon Valley, Phoenix, and Los Angeles do as well as expected? Those cities with the highest home prices are not your only option. There’s plenty more towns and cities across the nation where you can buy rock bottom and sell high including this list of real estate by zip code. Cities you’ll read about below with lower home prices and rising employment rates may be your best bets for 2017 to 2020.

Seventy of the top 100 largest metropolitan areas see more starter homes on-market in October, November and December, relieving prices 4.8 percent over spring, according to the recently released Trulia Inventory and Price Watch.

The most dramatic shifts-in favor of first-time homebuyers-in prices and supply are out West, in Arizona, California, Colorado and Oregon.

"Housing markets along the West Coast have long been plagued by tight inventory and worsening affordability, but it’s not completely hopeless for would-be homeowners," says Cheryl Young, senior economist at Trulia. "The seasonal swings in listings and prices in the San Francisco Bay Area, Portland, Ore., and even Phoenix, means buyers will likely find more homes for sale at a lower price in the fall and winter months."

Make no mistake: The housing market is still in a squeeze. Entry-level home inventory sank 20.4 percent year-over-year over the summer, while move-up home inventory shrunk 12.5 percent. Even luxury homes were at a shortage, down 2.3 percent. First-time homebuyers were forced to shell out 39.7 percent of their monthly earnings for a starter home.

The change of season, still, could usher in more opportunities.

"Starter homebuyers should begin looking now," Young says. "The fall season provides a great opportunity for finding the right home and neighborhood, thanks to a bump in homes for sale on the market, followed by lower winter prices."

For more information, please visit www.trulia.com.



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