Stephanie's Blog

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New wave of first time home buyers...Make Room!

The National Association of Realtors has posted a chart on their website about the First time Buyer Tax Credit ( American Recovery and Reinvestment Act of 2009 ). The opinion I have on it is very positive. I feel the first time buyers are the ones who begin the domino home buying affect. They haven't yet entered the homeownership world, and don't have a history with mortgage lenders that has negatively affected the economy. They aren't currently dealing with foreclosures or short sale issues, as they do not yet own a home. They also are being screened and sliced by lenders to ensure they are strong enough buyers and in a financial position to safely purchase a home.

This, I believe, is going to help shape the next generation of buyers. We will still have plenty to deal with from our current homeowners and their scars of foreclosures, bankruptcies, and short sales from life changes and job losses, but this new breed of buyers will be well selected and educated. I feel confident this will help change our economy in time. Time is always on our side.

www.stephaniejacques.com

 

 

 

Comment balloon 2 commentsStephanie Jacques • February 18 2009 12:50PM

Comments

The real key is going to be making sure the 'next wave' of buyers are able to live within their means.  Keeping their debt to income ratio reasonable, not just in the purchase of a home, but overall.

I don't care if your idol drives an Escalade and lives in a 5-bedroom house; if you're making $30k a year, you should not look at purchasing either one.

The first thing we as a society need to slough off is the tremendous sense of entitlement a significant portion of the population seems to have in this day and age.  It may be an overbroad generalization to say that everybody wants something, but they don't want to put in the time or exert the effort to earn it... that being said, I'm sure everyone out there could name 2-3 people they know (maybe not friends, but friends of friends, coworkers, etc.) who would fit in this category.

You work hard, then you get the reward.  Not vice versa.

Posted by Dan Mitchell (Best Home Pix) over 9 years ago

Thanks for your response. I agree with you!

Posted by Stephanie Jacques, Stephanie Jacques Kleine (Better Homes and Gardens The Masiello Group) over 9 years ago

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