Experts: It’s a good time for first-time homebuyers
FOX 26 reporter Randy Wallace spoke to a realtor who said now is the time to buy a home for first-time buyers.
HOUSTON – There’s no doubt that mortgage rates have risen significantly, but some experts believe this can be a huge boon for first-time home buyers.
“When you pay rent somewhere, you pay 100% interest, so what is 6% interest,” said Tricia Turner, CEO of Tricia Turner Properties Group. “When you pay rent, you pay someone else’s mortgage. How do you create wealth like that?”
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Buying a property is one of the safest ways to invest your money.
While the pandemic has been good for the housing market, it has pushed first-time home buyers off the playing field.
“During COVID we’ve seen prices go up, we’ve seen multiple offers coming in,” Turner said. “20, 30, 40 bids on a property, basically, that’s squeezed first-time home buyers out of the market.”
But higher mortgage rates can mean fewer buyers with more inventory to choose from.
If you are a first-time home buyer, you may be eligible for various programs and grants.
“There are even 100% financing programs for first-time home buyers with grants,” Turner said. “So you can literally get into a house right now in today’s market with no down payment, and maybe help with your closing costs to drive your rate down, which is crazy.”
What will the residential real estate market look like in 2023?
Are you looking to buy a house or sell one? We asked Cathy Trevino of the Houston Association of Realtors for her outlook on the Houston real estate market for 2023.
Some experts believe the housing industry is teetering toward a buyer’s market and now is the time to act.
“If you think I want to buy a house, get out now while there are fewer buyers and sellers are feeling it. They’re eager to sell, so they’re ready to negotiate,” Turner said. “They will do less business with you when there is less competition and more buyers.”
If you’re considering homeownership for the first time, talk to reputable lenders and real estate agents to see what you might qualify for.