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Five Reasons to Be a First Time Buyer

by David R. Phillips, CEO of CAAR » Blog Archive »

If you are currently renting a home or an apartment, this is an extraordinary time to buy a home.  Here are the top five reasons (not necessarily in order) to buy instead of renting.

1.     Inventory – There are currently close to 600 homes in the CAAR MLS for under $200,000 and an amazing 187 homes for sale for under $150,000.  There has never been this much selection of affordable homes to buy.  And these affordable homes aren’t just condos.  There are over 200 detached affordable homes for sale. 

            2.     Cost – You will be surprised to find that a monthly mortgage payment is about the same as what you pay in rent.  Despite all the negative news you may have heard about the so called mortgage crisis, there is still a ton of great deals for first time home buyers.

         3.     No Home to Sell – The current real estate market is a tough one for home sellers.  There are so many homes on the market that properties are taking a long time to sell.  As a first time buyer, you do not have to sell your home before you can buy. 

             4.     Rents are Heading Up – The inventory of rental properties and apartments is low right now.  That means average rents are on their way up. 

                 5.     Wealth Building – Did you know that for most people their home is their largest asset?  Owning a home allows you to build your personal wealth way better than any other investment opportunity.  The sooner you buy, the sooner you’ll be building your financial security.

So, now that you are convinced to become a first time home owner, what do you do next?  You may want to start by browsing Internet home sites like CAAR.com to get a feel for the market.  Then you will want to find a REALTOR® to work with as your buyer’s agent.  You may also want to check with the Regional Homeownership Center at the Piedmont Housing Alliance to see what special down payment assistant plans they have to offer.  And finally, find a local mortgage broker to help you with a loan package.  You will need this team of local professionals to help you make your first home purchase.  Now, get out there and BUY A HOME!  

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