As a buyer's agent working the Tucson Real Estate market the past six years I have worked with many first time home buyers in this age group. If you are thinking about buying, find a local Realtor to work with. The inventory does not change based on Realtor, it is the same inventory for sale. Interview a couple, as not all agents are the same. Find one you like working with and start a relationship.
Next, talk to a local lender. Getting pre-approved is very important for the buyer for many reasons, this should be free to do. In today's market a buyer will need to send a signed pre-qualification form (replaced the Loan Status Report) on all offers made.
Young adults between the ages of 18â€”34 are likely to be a major percentage of all buyers purchasing a home in 2013. A new study by Trulia reveals: 43% are already homeowners 93% that currently rent plan to purchase a home 72% say homeownership is part of their personal American Dream.
Jed Kolko, Truliaâ€™s chief economist, explained: "Millennials have been shaken, not scarred by the housing bust. Nearly all of them want to own a home someday, if theyâ€™re not homeowners already. But many of them think todayâ€™s low prices and low mortgage rates will last. They may be in for sticker shock if the cost of homeownership has returned to normal levels by the time theyâ€™re ready to buy."
If you have questions or concerns, please give me a call.
Spirit Messingham, PLLC
3rd Generation Full-Time RealtorÂ®
Direct (520) 471-6900
Fax (866) 365-5208