First Time Home Buyers in Bonita Springs, Florida
The combination of record low interest rates, low home prices and the new first time home buyer tax credit have kicked off 2009 as the year of the first time home buyer. Nationally, over 41% of last years sales were first time home buyers and that number is expected to grow even larger this year.
Locally, a smidgen over 50% of last months sales in the Sunshine MLS were priced $200,000 and under, compared to 17% in February 2008. 29% of the sales last month were single family homes under $200,000.
Folks who were previously priced out of the southwest Florida real estate market and first time home buyers are buying homes in southwest Florida. While I agree that not every person should be a home owner or is eligible to own a home, for those who are qualified the time is arriving.
That doesn’t mean buyers should jump in the water head first without checking its depth or temperature, first. If the thought of becoming a home owner has crossed your mind and you don’t know where to begin, know that it begins with you, the buyer. It begins with you determining whether you’re qualified for home ownership. Even with the monthly mortgage payment aside it’s an enormous responsibility and commitment.
Finding the best mortgage rate and terms and combining it with a home at its best possible price is supremely important. The inventory is out there but if you don’t buy smart and carefully choose the best possible financing and terms it’s a mistake. You’re buying a home to use and enjoy long term so buy it right.
“Now is the right time to buy!” is something you’ll hear and read a lot. Here’s the truth. It is the right time to buy for some people. It is the right time to buy in some locations. It’s just a matter of discovering if that is what is best for you and if the area you want to purchase real estate in is a value.
Every market has a bottom. There are plenty of economists estimating and naysayer’s bellowing their predictions of where they think the “bottom” is when, in fact, nobody can predict the bottom of any market until it has actually passed. There will be no bell that rings so that everyone knows it’s precisely the time to buy. The bottom is different in your neighborhood than it is in a community two blocks or two miles away.
The real estate market is driven by inventory and price. Some locations are doing better than others and the inventory has dwindled. Other places have a ways to go but will at least offer buyers the luxury of taking their time to shop and research while they wait for just the right price and time to buy.
The fix had to start from the bottom. The sales numbers will speak for themselves. Our market is quietly turning the corner in a healthy recovery process. With the entry level priced property starting to move it is a tangible sign of actual recovery beginning.
Real Life in Bonita Springs is a project by Chris Griffith dedicated to writing useful blog posts for consumers about the Bonita Springs, Florida area. Find out what it is really like to live in Bonita Springs, Florida by reading about our fair city. You’ll get the latest in local real estate information, Bonita Springs real estate market reports and a little bit of humor. If you have topic ideas, feel free to request a story about the idea, after all, this site is just for you.
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