For much of the year, real estate has been a seller’s market due to limited inventory. While it is good news for homeowners, it’s been a real challenge for first time buyers. Bidding wars and exorbitant prices have halted many new buyers from making moves. As a result, buyers have had to compromise on their purchases or hold out entirely. A recent survey shows that 20% of first time buyers were prepared to go without essential features such as electricity and plumbing. Owning a property has become harder than ever and for many buyers it’s simply out of reach.
Thankfully, that’s expected to change as the market moves towards equilibrium. A temporary reprieve from mortgage rates and easier access to credit will make it easier for buyers to purchase homes in the coming months. The U.S. Treasury has also stepped in, providing $7.8 million in funds to 18 states in order to assist struggling home buyers. Named the Hardest Hit Fund, the fund targets new buyers who haven’t owned a home in three years.
Limited inventory is also being remedied as listings have grown an average of 4.5% over the last three months. New construction is also on the rise, with single family permits up 9% from last year. This will be a major win for buyers, who stated in June that their number one obstacle was not finding a home that suited their needs. Houses are also projected to sit longer on the market.
All in all, the second half of the year looks much more hopeful for first-time buyers. While it still won’t be a cakewalk to purchase a home, the odds will be much more even.
1 day ago via Facebook
Offered at $39,950,000 - 1415 Devlin Drive #SunsetStrip listed by client Williams & Williams Estates Estates. #OpenHouse Tuesday 11am to 1pm. thewilliamsestates.com/listing-details/1415-devlin-drive-los-angeles-ca-90069-18299542/259 #LACaravan #BrokersOpen #Caravan #LosAngelesRealEstate
1 week ago via Facebook
#BrokersOpen #Caravan for 1677 N DOHENY DR, BIRD STREETS, CA 90069. For Sale $36,985,000. Tour this 12,000 sq ft luxury custom residence today from 11am to 2pm and a twilight open from 4pm to 6pm. Listed by client Williams & Williams Estates. Perched on a promontory above Hollywood's famed Bird Streets, with views stretching to the Channel Islands, in the prestigious Sunset Strip enclave known as the Doheny Estates, sits this exquisitely designed architectural, custom home. thewilliamsestates.com/listing-details/1677-n-doheny-dr-bird-streets-ca-90069-17279790/235
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