2015: The Year of the First-Time Homebuyer
After a 5 year hiatus, people looking to buy their first homes will be making a return to the housing market. Since 2010, the market has been dominated by veteran buyers accustomed to higher mortgage rates & a lack of home inventory. Fast-forward to 2015, and we’re gearing up for a resurgence of first-time homebuyers. These novice buyers are stepping into a promising market of low interest rates & an increased inventory of homes. Fannie Mae & Freddy Mac have loosened lending standards & are now allowing for a 3% down payment on a mortgage. Loose standards alone are enough to attract even the most apprehensive of buyers-- but add to that the production of trendy neighborhoods and you have the recipe for a first-time homebuyer field day! According to the Mortgage Bankers Association, new home sales will see a 13% increase next year & existing home sales are expected to increase by 5%-- good news for both buyers & sellers. To top it all off mortgage rates are sitting in the low 4% and aren't expected to exceed past 4.75% next year. So where do we come in, you ask? We're ramping up production in the hottest parts of Hampton Roads to bring you a well-planned community with countless amenities, floor plans, & product types. With Spence Crossing at Princess Anne, Hadley Park at Greenbrier, & King’s Pointe at Western Branch in the works we can assure you that we have a home to fit your lifestyle. Check them out here.