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2015 Marks the Return of First Time Home Buyers

Posted by admin on January 22, 2015
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Rental costs are rising fast. Housing costs have dropped. And according to CNN Money, “2015 is the year when first-time home buyers make a comeback.” In the past five years  high down payment demands and strict lending standards have made it difficult for first time home buyers to find a home. But this year all of that changes.

Millennials who are  looking at purchasing their first home will be met with lower down payment mortgages, looser lending standards, and a wide selection of inventory to choose from.

Looser Lending Standards

 

The improved job market has things looking brighter for young home buyers already. But add this to the new lending guidelines and securing a home mortgage is practically in the bag. Fannie Mae and Freddie Mac have also started offering 3% down payment mortgages which will help new home buyers qualify for a home mortgage.

New home sales are expected to climb to 13% this year, while resale home sales are expected to increase 5%. Such a dramatic increase is expected to spark a chain reaction that will cause those who already own their home to sell and move up to a more expensive home.

There will be More Inventory

 

The production of smaller homes has increased among home builders as they get ready to meet the demand of first-time home buyers.  Entry level home buyers will be able to buy quality homes from $120,000 to $150,000. See a few of our options below.

Homes will Become More Affordable

 

The influx of new homes on the market is expected to create a drop in home prices, which should improve affordability in metro communities.

Mortgage Rates will Rise Eventually

 

The direction of mortgage rates is often a difficult thing to predict, but in 2015 most economists expect rates to rise by a small percentage. The Federal Reserve announced in December that it would not raise the Federal Funds Rate until summer of 2015, or perhaps even later. Even so, mortgage rates are expected to peak around 4.75%, 5% at the highest, which is still a low rate historically speaking. 

If you are looking for a great starter home, Prudential Beazley Real Estate has available real estate in several affordable neighborhoods. 

Homes for Sale in Aiken, SC

Cornerstone

 

Whether you are looking for a single story home, two-story or a townhome Cornerstone has the perfect home for sale in Aiken, SC for you!

Cornerstone is nestled near the historic downtown area of Aiken, South Carolina. The neighborhood features single story, two story, as well as townhomes in addition to highly rated schools, parks, and convenient shopping.

Related: Top 10 Reasons To Live In Cornerstone

Gregg’s Mill

Homes for Sale in Aiken, SC

Gregg’s Mill recently opened their resort style swimming pool and a brand new entrance is on the way. 100% financing is available on these homes, which feature stunning amenities and large lots.

Related: 10 Reasons You Should Move To Gregg’s Mill

Homes for Sale in Augusta, GA

Hayne’s Station

Hayne’s Station is Augusta’s newest, most sought-after community.The location is ideal, the homes are unique and elegant, the lots are beautiful, the amenities incredible!

Hayne’s Station is Augusta’s newest, most sought-after community.The location is ideal, the homes are unique and elegant, the lots are beautiful, the amenities incredible!

 Related: 10 Reasons To Move To Hayne’s Station 

Creek Bend

Our neighborhood of Creek Bend is located in Grovetown, GA and features beautiful walking trails.

Our neighborhood of Creek Bend is located in Grovetown, GA and features beautiful walking trails. A wide variety of floor plans with large lots are available, and Section III is now open.

Related: 10 Reasons You’ll Love Creek Bend

Southampton

These beautiful homes offer close proximity to Fort Gordon, the Augusta Regional Airport, the outstanding Diamond Lakes Recreation and Community Center, and major traffic arteries.

Southampton homes are extremely valuable, starting in the 130’s. These beautiful new homes offer close proximity to Fort Gordon, the Augusta Regional Airport, the outstanding Diamond Lakes Recreation and Community Center, and major traffic arteries.

Related: 10 Great Reasons Why You Should Live In Southampton 

Willow Oak Village

Willow Oak Village is a tranquil, friendly neighborhood with spacious homes for sale in Grovetown, GA and a variety of floorplans to choose from.

Willow Oak Village is a tranquil, friendly neighborhood with spacious homes and a variety of floorplans to choose from. Residents here can even enjoy the luxury of a resort style pool right in their very own neighborhood.

Related: 10 Reasons We Love Willow Oak Village

For more information about Prudential Beazley Real Estate and their available homes for sale in Augusta, GA and Aiken, SC contact us at 706-863-1775 or contact us here. 

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