More first-time homeowners are entering the market since the start of the pandemic...
According to Sowell agent David da Ponte-Cooper, "Many people are entering the home buying market as they discover the historically low interest rates and realize, that in many cases, they are able to actually buy a house for less outlay of cash than they would need to gather for first month's rent and security deposit.
A first-time homebuyer can take advantage of the many programs out there that give down payment assistance, out right grants and low interest loans that will cover the downpayment. They are able to negotiate for the Seller to pay their closing costs and pre-paid times as well. These programs are designed to help people enter the competitive market and join the fray at a somewhat leveled field.
With more employers allowing their employees to work from home as part of the pandemic response, we are finding that people who live in apartments are eager to flex themselves into a space they can make their own and take part in the dream of home ownership.
The inventory is low right now, so finding a home is not easy when there are often a dozen offers for a moderately priced home, hence the need for a well qualified Real Estate Agent. A good realtor is constantly checking the market and working contacts in an attempt to secure a first look or a early, pre-market, opportunity to have their buyer make an offer."