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Home and Garden: Challenges Home Buyers Face in 2017

Home and Garden: Challenges Home Buyers Face in 2017
Home and Garden: Challenges Home Buyers Face in 2017
Posted at 7:22 AM, Apr 03, 2017
and last updated 2017-04-03 15:57:56-04

TALLAHASSEE FL - Those of you looking to but a home, the time may be now. Realtor Rebekah Rivers gives explains the big challenges home buyers face in 2017 and why you may want to purchase your dream home now. 

1)Low inventories - A balanced market is 6 months. Under 300K in Tallahassee area is 5 months

2) Prices move to record highs - Tallahassee area lags behind the state; however prices have increased more than usual in the first quarter by about 2-3%

3) Rising mortgage rates - Rising rates have made demand more intense mostly from repeat buyers rather than first time home buyers

4)First-Timers Are Worried; Repeat Buyers Are in a Rush - First time home buyers are down from 55% of the market last year to 44% of the market this year. Repeat buyers realize that rates are at record lows and they need to jump now to get the best deal. Our strong economy guarantees more interest rates hikes this year