“I’m seeing more [first-time buyers] than we did certainly in 2021, even into kind of ’22,” she said, “just because for the buyers that can get comfortable with where the market is with sales price and rate, we’re able to have this conversation of, ‘How do we get strategic?’”
Aspects like the home price and rate are, of course, important – but they’re not the only considerations when it comes to lining up a home purchase for a first-time buyer, according to Richardson.
The good news for those purchasers is that a less frenzied market means competition isn’t as intense, with less chance of getting drawn into a bidding war with multiple other offers.
“It’s not just the price of the home. It’s not just about the rate,” Richardson said. “Yes, those are factors – but how do we look at it holistically [with] seller concessions or some sort of give and take?
“They have a better fighting chance because there’s not as much competition. There’s a chance to help seller concessions bridge some of that gap where they don’t feel like they’re completely exhausting their savings on down payments and closing costs.”
Source: mpamag.com