First Time Homebuyers Rejoice

What's Hot

Do This or Your iPhone Bill May SkyrocketSave

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

11 Places in the World Where You Can Afford to Retire in StyleMore

What You Need to Know for 2017 Obamacare EnrollmentFamily

8 Things Rich People Buy That Make Them Look DumbAround The House

32 of the Highest-Paid American SpeakersMake

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

More Caffeine Means Less Dementia for WomenFamily

9 Tips to Ensure You’ll Have Enough to RetireFamily

5 DIY Ways to Make Your Car Smell GreatCars

30 Awesome Things to Do in RetirementCollege

5 Spots Where Retirees Can Live for Less Than $40,000Real Estate

10 Ways to Pull Together the Down Payment for a HomeCredit & Debt

10 Ways to Reduce Your Homeowner’s Insurance RatesFamily

50 Ways to Make a Fast $50 (or Lots More)Grow

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

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: How Does Debt Affect Survivors After a Loved One’s Death?

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,648 more deals!