As spring has arrived, first-time home buyers will be shopping for homes in high numbers. Realtor.com recently released a list highlighting some of the best markets for these buyers.
In order to compile its list of the Top 10 Markets for First-Time Home Buyers, Realtor.com took into account various factors, including market popularity, prices, inventory levels, the amount of time homes spend on the market and employment rates.
"As we head into home buying season, these markets show favorable conditions for first-time buyers, which is encouraging because these buyers are crucial to the housing market," said Steve Berkowitz, CEO of Move, Inc., the operator of Realtor.com. "First-time buyers have a widespread impact on the local housing markets. In transitioning from renters to owners, new buyers pay property taxes and other fees and taxes associated with homeownership that benefits local schools and services."
Here's the list:
- Tampa-St. Petersburg-Clearwater, Fla.
- Philadelphia, Pa.-N.J. (N.J.)
- Fort Worth-Arlington, Texas
- Orlando, Fla.
- Jacksonville, Fla.
- Philadelphia, Pa.-N.J. (Pa.)
- Raleigh-Durham-Chapel Hill, N.C.
- Phoenix-Mesa, Ariz.
First-time buyers to shop in high numbers
The Realtor.com list should be helpful this home buying season as first-time home buyers are expected to come out in droves this spring.
According to a report from Zillow, 10 percent of renters said they want to buy a home in the next year. If all these individuals were to make a purchase, it would translate to 4.2 million sales, which would be twice as many first-time home sales as last year.
"For the housing market to continue its recovery, it is critical that homes are both available and remain affordable to meet the strong demand these survey results are predicting, particularly from first-time home buyers," said Zillow Chief Economist Stan Humphries. "Even after a wrenching housing recession, this data shows that the dream of homeownership remains very much alive and well, even in those areas that were hardest hit. But these aspirations must also contend with the current reality, and in many areas, conditions remain difficult for buyers. The market is moving toward more balance between buyers and sellers, but it is a slow and uneven process."
While first-time buyers do face some hurdles, many will be positioned to purchase a home this spring. These buyers are reminded to have a home inspection, as it is a critical part of purchasing a home.
Buying a home for the first time? Get an inspection.
A home inspection is helpful for all buyers, but especially those who are entering the world of real estate for the first time. It will provide a wide range of information about a home that would otherwise be impossible for a buyer to obtain. From how the heating and cooling systems are working to whether there is damage to the roof, a home inspection is critical in helping buyers make a more informed decision.
"When buying a house, the home inspection is one of the most important things you are going to do because that is when you are going to bring a professional in and assess the condition of the house," Angie Hicks of Angie's List told Pittsburgh CBS affiliate KDKA. "But, a lot of times, the consumers skip out on going to the home inspection. What they then miss out on is learning about their home and seeing firsthand any problem areas."
A reputable home inspection company will walk buyers through the home, showing them what it found in its report. This detailed information will teach any buyer more about his or her home. And for those who are new to real estate, buying a home might seem like a daunting task. However, a home inspection will give buyers peace of mind, knowing the exact condition of the home before they buy.