West Chester & Mason Ohio Real Estate: This Month In Real Estate – October 2013
This Month In Real Estate for October 2013: Factors that drive first time home purchases and taking a look at the national home sale numbers.
Home sales nationally continued to improve in both unit sales numbers as well as increases in average sale price. The national average on a 30 year fixed rate mortgage is currently at 4.50% Get preapproved for a home loan Locally as of this writing, a 30 year fixed rate mortgage is averaging around 4.29%
According to Keller Williams (KW) research first time home purchases are primarily drive by three factors.
1. The current real estate market – the current market in our area is very advantageous for buying a home right now. First Time Homebuyers will find home prices are still low and represent great value. Mortgage interest rates have now gone back down slightly after a very quick run up over the last few months
2. Financial readiness – while financial readiness is very much an individual issue, the affordability factor that today’s low rates and home prices offer can not be overlooked.
3. Location & price – location is most often identified by first time homebuyers as being either close to their workplace or close in proximity to where the currently live.
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Other articles that you may find interesting:
First Time Homebuyer Series: Can You Afford To Keep Renting?
First Time Homebuyer Series: 3 Steps To Getting Started
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