Determination Helps When Buying A Home For The First Time

Dated: 05/10/2019

Views: 296

 On Thursday, USA Today published a view of what many of this spring’s first-timers have encountered in their inaugural home-buying ventures. Our own St. Cloud trends don’t precisely match those tapped by their research—but the themes cited in the national press are familiar here, too.

Although the headline emphasized the difficulties those buying a home for the first time may encounter (“3 Challenges Facing First-Time Homebuyers This Spring”), elsewhere in the piece, some bright spots were acknowledged. For St. Cloud readers inclined toward a ‘glass-half-full’ point of view, they tend to balance out the familiar challenges.  

Bright Spots:  

  • According to the Mortgage Bankers Association, affordability has advanced with the easing of 30-year fixed mortgages to a national average of 4.42%.  

  • Inventory “has loosened up slightly.” This is a relative finding since the U.S. still lags in properties for sale (at least compared with the historical norm).  

  • Prices.  Price growth has slowed “and leveled off” according to the MBA.

  • Spring buying. Nationally, good, old fashioned negotiations have replaced the frenzied bidding wars of last year. But USA Today isn’t calling this spring a buyer’s market—only one characterized by fewer competing offers.

Challenges:

  • Home prices. Prices are still relatively high—especially for those buying a home for the first time. Since they can’t count on the equity built by their current property, scrambling for a substantial down payment can be a barrier.

  • Securing a loan. In March, the FHA said that it is tightening its rules for high-risk mortgages. As is generally the case, this can provide a hurdle for first-timers.  

  • Inventory is still tight. Some finger-pointing is aimed at the home construction industry, which is only now rebounding from the recession-spawned falloff in new home starts. Entry-level housing ($200,000 and less) is the sector hit hardest.

Buying a home in St. Cloud may take more determination for first timers—but that doesn’t mean it isn’t well worth the effort. Whether you are a first-timer or a long-time homeowner, give me a call for an in-depth discussion of the possibilities presented by this spring’s many offerings!        

Image result for first time home buyers


Providing a superior level of informed, professional real estate services to buyers and sellers throughout Central Minnesota.We have agents specializing in residential, commercial, multifamily, new construction, existing, investment properties, foreclosures/REO, and short sales with offices located in:

Five Office Locations To Serve YOU!

St. Cloud 320-259-4554
Princeton 320-983-3555
Maple Grove763-565-2000
Hutchinson 320-455-9127
Litchfield 320-298-1140

Premier Real Estate specializes MANY areas around Central MN includingSt. Cloud, Waite Park, Rice, Royalton, Sartell, Royalton, Little Falls, Cold Spring, St. Joseph, Elk River, Monticello, Ramsey, Saint Michael, Andover, Ham Lake, Anoka, Champlin, Buffalo, Glencoe, Brownton, Silver Lake, Kandiyohi, Dassel, Minneapolis, Maple Grove, St. Louis Park, Saint Paul, Robbinsdale, Crystal, New Hope, Brooklyn Center and more!

Blog author image

Noel Johnson

Passion for investing in real estate brought me to create Premier Real Estate Services in 2002. Ten years of purchasing & managing several rental properties, while assisting friends & clients with bot....

Want to Advertise on this Site?

Latest Blog Posts

2408 Tiffany Court St Cloud 56301

Nothing compares to this custom patio home that has it all! With 10' ceilings in the main area and hand carved ceramic tile plank flooring,

Read More

Good Times Make It Time To Sell Your St Cloud House

 Whenever the U.S. economy is booming, there are naysayers who view it as terrible news. It’s not surprising since economists can disagree about just about anything and point to statistics

Read More

7 Step Progression For Buying St Cloud Homes Under Pressure

 Buying St. Cloud homes takes some degree of organization no matter what. Especially when time is a screaming imperative, it can make or break whether you land a home that’s right—or one

Read More

Which Two Words Are Also Worth 1000 Words

Every now and then we have to shake our heads at how much the electronic transformation has changed daily living in St. Cloud. Electronics have invaded practically everything—from home wifi to

Read More