The start of a new year is often a time of reflection, which over the past 12 months, held a struggling real estate market in my market area. Thankfully, reflection also brings about anticipation and optimism for the year to come. In lieu of our new year approaching, I’ve decided to put together 11 residential real estate predictions for 2011 – released one day at a time. Enjoy!
Real Estate Prediction #9: First Time Homebuyers Dominate the Market…Again.
With some experts throwing out predictions of 25-35% of the market being underwater (owing more than their home is worth), more homeowners are going to stay put until they get a little more equity in their home and the economy shows a little more history of stability.
This means that buyers who are not tied to having to sell their home will dominate purchases (yet again)…and those that aren’t tied to selling their current home…you guessed it…are first time home buyers.
Many agents don’t enjoy working with first time home buyers. I am certainly not one of them, as I specialize in helping many first time home buyers find their first wonderful home. Additionally, we may not see a better time for a first time home buyer to enter the real estate market than right now (at least for a long time). With mortgage rates at historical lows, prices suppressed because of foreclosures, and an understanding of what it means to over-extend (due to those that purchased just a few years before them)…first time home buyers will have the pick of the litter in 2011.
Stay tuned for tomorrow’s prediction!
If you are a first time home buyer and want to explore your options anywhere around the Greater Seattle Area…give me a call at (425) 483-1010 or email at Ryan@BoardwalkSeattle.com!
Real Estate Broker | Realtor ®
Boardwalk Real Estate, LLC
Phone: (206) 930-7959 | Email: Ryan@BoardwalkSeattle.com
Providing professional real estate services throughout the Greater Seattle area.
North Seattle | Bothell | Lake Forest Park | Edmonds | Mill Creek