First Time Homebuyers Rejoice

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A collapsed housing market means first time home buyers are finding bargains and relief from the first time homebuyer tax credit.

With homes selling for a third of their previous market values, many realtors in hard hit areas are beginning to notice a rising interest from first time home buyers. And first time home buyers are finally realizing they can afford the American Dream of homeownership.

“We bought this house for $150,000 and in 2007 the just market value was $330,000.”
-Rachel Cormier, First Time Home Buyer

The Cormiers’ lived with their in-laws for eight years, scraping up what they could to save money for a home of their own.

“It’s a great feeling, it’s a sense of accomplishment. We thought we where never going to be able to own a home, it was kinda depressing just seeing how much people were paying and just the thought, what am I doing wrong.”
-Rachel Cormier, First Time Home Buyer

But now that market values have reached near rock-bottom, Rachel isn’t the only proud homeowner. In fact, first time home buyers are actually being credited with helping to reinvigorate the market. In the most recent figures released by the National Association of Realtors, sales of existing homes rose five-point-one percent, with first time home buyers among the the most active participants.

“We looked for about 6 months, there where other options, all of them needed work. We got a great house for the price.”
-Rachel Cormier, First Time Home Buyer

The Cormiers’ did end up spending an additional $3,000 on kitchen appliances and electrical repairs. And they still have another bathroom to remodel and a roof to replace. But Rachel says the first time home buyers tax credit — $8,000 — makes it possible to offset the costs.

“It sounds bad to say that we feel lucky that the market collapsed, unfortunately a lot of people lost their homes, but it’s definitely looking up for people who where not able to purchase homes or young families trying to start out.”
-Rachel Cormier, First Time Home Buyer

Bottom Line? If you’ve always wanted a home of your own, now may be the time. Prices are low, there’s that $8,000 credit. And sellers are so desperate, may are even paying the closing costs.

Stacy Johnson

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