Even as home prices rapidly escalate, many first-time home buyers\u2014a group economists long feared would be priced out of the market\u2014are finding they actually have advantages over repeat buyers: more flexibility in the transaction and access to a greater variety of financing options. Flexibility is particularly helpful when shopping for a home in today\u2019s competitive market, characterized by commonplace bidding wars.<\/p>\n\n\n\n
Many repeat buyers require offer contingencies, such as selling their current property before closing on a new purchase. But offers with fewer contingencies are more attractive in a multiple-bid situation. \u201cAnyone in a position to make an offer without a home-sale contingency is going to be better positioned than those who are waiting to free up cash,\u201d Dana Bull, a real estate professional with Sotheby\u2019s International Realty in Boston, told Apartment Therapy.<\/p>\n\n\n\n
First-time buyers also may be less stressed, given that they\u2019re likely to focus on one transaction at a time rather than buying and selling simultaneously, Bull adds. The National Association of REALTORS\u00ae chronicles the value members bring to these clients in its web series \u201cFirst-Time Buyer<\/a>\u201d\u2014another potential tool helping novice buyers navigate the homebuying process. (Watch the trailer at right.)<\/p>\n\n\n\n First-time buyers also have access to grants and down payment assistance programs that are unavailable to repeat buyers. While repeat buyers have the advantage of using the equity from the sale of their previous house, you can help first-time buyers find assistance programs<\/a> that may offer thousands of dollars in savings. \u201cYou may be eligible for grants or specialty programs that cover some or all of your down payment amount, reducing the upfront cost of buying a home,\u201d Andrina Valdes, chief operation officer of Cornerstone Home Lending, Inc., told Apartment Therapy.<\/p>\n\n\n\n First-time home buyers comprised 33% of existing-home sales in January, up from 32% a year earlier, according to NAR data.Source:\u201cIn a Hot Real Estate Market, Renters Becoming First-Time Buyers Have a Key Advantage<\/a>,\u201d Apartment Therapy (March 12, 2021)<\/p>\n","protected":false},"excerpt":{"rendered":" Even as home prices rapidly escalate, many first-time home buyers\u2014a group economists long feared would be priced out of the market\u2014are finding they actually have advantages over repeat buyers: more flexibility in the transaction and access to a greater variety of financing options. Flexibility is particularly helpful when shopping for a home in today\u2019s competitive… Continue reading Advantages First-Timers Have Over Repeat Buyers<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-25","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"_links":{"self":[{"href":"https:\/\/hbrtwn.com\/elizabeth-chase\/wp-json\/wp\/v2\/posts\/25","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbrtwn.com\/elizabeth-chase\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbrtwn.com\/elizabeth-chase\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbrtwn.com\/elizabeth-chase\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hbrtwn.com\/elizabeth-chase\/wp-json\/wp\/v2\/comments?post=25"}],"version-history":[{"count":1,"href":"https:\/\/hbrtwn.com\/elizabeth-chase\/wp-json\/wp\/v2\/posts\/25\/revisions"}],"predecessor-version":[{"id":26,"href":"https:\/\/hbrtwn.com\/elizabeth-chase\/wp-json\/wp\/v2\/posts\/25\/revisions\/26"}],"wp:attachment":[{"href":"https:\/\/hbrtwn.com\/elizabeth-chase\/wp-json\/wp\/v2\/media?parent=25"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbrtwn.com\/elizabeth-chase\/wp-json\/wp\/v2\/categories?post=25"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbrtwn.com\/elizabeth-chase\/wp-json\/wp\/v2\/tags?post=25"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}