Why the rise in first time homebuying??🧐
The major factor is, arguably, low mortgage rates. As of the week ended July 16, the 30 year fixed mortgage rate dropped to 2.98%. With rates so low that are locked in under a 30 year mortgage, the typical mortgage payment, estimated at $1,036, has fallen below the median rent, at $1,045. For potential home buyers who were thinking of purchasing a home anyway before the pandemic outbreak and who are likely to remain employed, the low mortgage rate may be the clincher. With the average mortgage payment now estimated at a lower monthly cost than renting, it’s a great time for first time homebuyers to enter the market.
If you’re among the first time homebuyers who feel the process is complicated, you’re not alone. If you’re not sure where to begin or you simply want help in figuring out how to save for a home, finding a trusted real estate advisor like us (we are licensed Realtors in the state of Arizona) to work with is a critical step toward your success. We can help you understand the process, review your current situation, and guide you with a plan to help you to feel confident when buying a home.
If you’re interested in purchasing a home and need help getting started, reach out to a us today at 480-788-4118 to take advantage of the support available to guide you through each step of the way.
Awni and Chantell
"AWNTEL"
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